Author. 




Title 



Class 



Book 




1920 



Imprint 



OPO 18—7404 



Handbook 

of 

Life Insurance 

and Annuity Policies 

for Teachers 



»" n "*, 




Teachers 

Insurance and Annuity Association 

of America 

522 Fifth Avenue, New York 



Handbook 

of 

Life Insurance 

and Annuity Policies 

for Teachers 



.»>"""', 

(&,% 



Teachers 

Insurance and Annuity Association 

of America 

522 Fifth Avenue, New York 

1920 



TEACHERS INSURANCE 
AND ANNUITY ASSOCIATION 

OF AMERICA L£> 

OFFICERS Jf*-' 

Frank A. Vanderlip Chairman of the Board 

Henry S. Pritchett President 

Michael A. Mackenzie Vice-President 

Clyde Furst Secretary 

Robert A. Franks Treasurer 

Eugene F. Russell, M.D. Medical Director 

Raymond L. Mattocks Actuary 

Samuel S. Hall, Jr. Assistant Treasurer 

TRUSTEES 

George J. Baldwin 

Vice-President, American International Corporation 

Frederick C. Ferry 

President, Hamilton College 

Allen B. Forbes 

of Harris, Forbes and Company 

Robert A. Franks 

Treasurer, Carnegie Corporation 

James W. Glover 

Professor, University of Michigan 

Frederick A. Goetze 

Treasurer, Columbia University 

Samuel S. Hall 

Associate Actuary, Mutual Life Insurance Company of 
New York 

[2] 



Michael A. Mackenzie 

Professor, University of Toronto 

Charles E. Mitchell 

President, National City Company 

Frank W. Nicolson 

Dean, Wesleyan University 

Henry S. Pritchett 

President, Carnegie Foundation 

Alfred Z. Reed 

Carnegie Foundation 

Charles V. Rich 

Vice-President, National City Bank 

Frank A. Vanderlip 

Chairman, American International Corporation 

Walter Vaughan 

Secretary, McGill University 

George Whitney 

of J. P. Morgan & Co. 

EXECUTIVE COMMITTEE 

Henry S. Pritchett, Chairman 
George J. Baldwin Frederick A. Goetze 

Robert A. Franks Samuel S. Hall 

Alfred Z. Reed 



FINANCE COMMITTEE 

Charles V. Rich, Chairman 
Allen B. Forbes Charles E. Mitchell 

George Whitney 
[3] 



Gift 
Mrs - GBft <^ta 
**>. W», h. Balden 

MAY i 2 1925 



Foreword 

It is with great satisfaction that the Teachers 
Insurance and Annuity Association of America 
announces its organization and readiness to 
serve the university and college teachers of the 
United States, Canada and Newfoundland. 

A decade of experience with retiring allow- 
ances for teachers convinced the Carnegie 
Foundation for the Advancement of Teaching 
that a pension system should rest upon the 
cooperation of employee and employer; that 
for the assurance of an annuity there must 
be set aside, year by year, the reserve neces- 
sary, with its accumulated interest, to pro- 
vide the annuity at the age agreed upon; that 
the arrangement with the teacher should be 
a contractual one upon an actuarial basis; 
and that such annuities should be supple- 
mented by life insurance and disability pro- 
tection. The recent bulletins and reports of the 
Carnegie Foundation record the concrete em- 
bodiment of these principles, as finally reached 
with the cooperation of the teachers in the 
institutions associated with the Foundation 
and of representative academic and actuarial 
societies. 

The result is the present offer of a new and 
comprehensive service to the great body of 
university and college teachers of North 
America. 

[5] 



The Association employs no soliciting 
agents, thereby avoiding one of the greatest 
sources of expense. Its policies are planned 
to suit the circumstances of the teacher's 
salary and needs. The officers of the Associa- 
tion will gladly give any further information 
desired. 

1918 CHAIRMAN OF THE BOARD 



[6] 



Contents 

PAGE 

I Teachers Insurance and Annuity 
Association of America 9 

II Insurance for College Teachers 12 

III Annuities for College Teachers 18 

IV Method of Obtaining Policies 28 
V Annuity Policies 29 

Deferred Annuities 
Teachers Retirement Plan, 31 

Survivorship Annuities, 44 

Life Annuities, 47 

VI Life Insurance Policies 50 

Term Insurance, 55 
Decreasing Life Insurance, 72 
Whole Life and Limited Payment Life, 76 
Endowment Insurance, 80 
Comparative Data on Policies Issued, 82 

VII Interest Tables 83 



7] 



Teachers 

Insurance and Annuity Association 

of America 

The Teachers Insurance and Annuity Asso- 
ciation of America is incorporated under the 
laws of the State of New York, as a life in- 
surance company, and is subject to the scru- 
tiny and supervision of the State Superin- 
tendent of Insurance. 

The Association was organized at the in- 
stance of the Carnegie Foundation for the 
Advancement of Teaching. Its capital and 
surplus were provided by the Carnegie Cor- 
poration of New York. It is governed by a 
board of sixteen trustees. It is the intention, 
as soon as there is a considerable body of 
policyholders, to provide for their participa- 
tion in the election of the trustees. 

The charter of the Association, approved 
March 4, 1918, states : 

"The purpose of the corporation is to pro- 
vide insurance and annuities for teachers and 
other persons employed by colleges, by 
universities, or by institutions engaged pri- 
marily in educational or research work; to offer 
policies of a character best adapted to the 
needs of such persons on terms as advantage- 
[9] 



ous to its policyholders as shall be practi- 
cable; and to conduct its business without 
profit to the corporation or to its stock- 
holders." 

Copies of the charter and by-laws may be 
had upon request. 

The Association is thus an agency for enab- 
ling teachers and others employed in colleges, 
universities, and other institutions devoted 
to education and research, to provide for 
their families and for themselves adequate 
protection against dependence, by offering 
them at the lowest feasible cost an insurance 
and annuity service adapted to their specific 
needs. 

The facilities of the Association are open to 
the general body of teachers in the colleges and 
universities of the United States, Canada, 
and Newfoundland, irrespective of denomina- 
tional or state control. 

The Association is not a competitor with 
the great insurance companies. Up to the pre- 
sent the large companies have been built up 
through the extensive solicitation of business 
by paid agents. With this business the Associ- 
ation does not undertake to compete. It has 
no ambition for size beyond the point where 
numbers are necessary for a fair distribution 
of the risk. Its situation is quite different 
from that of the soliciting company. Through 
an endowment, contributed in the form of 
capital and surplus, it is able to offer insur- 
[ 10 ] 



ance at cost, without the overhead charges 
which in the ordinary company absorb a 
considerable proportion of the premiums 
paid by the policyholders. 

The Association will deal with educated and 
intelligent men and women who are entirely 
competent to understand and appreciate the 
fundamental principles of life insurance. 
The value of the Association will in large 
measure depend upon gradually gaining the 
attention of this great group of teachers to 
the extent that they themselves shall under- 
stand these simple principles and act upon 
their own knowledge of them. 



[11] 



II 

Insurance for College Teachers 

Insurance is a form of social cooperation 
consisting of the establishment of a group of 
persons for the protection of each individual 
in the group. In life insurance the protection 
is against the loss of income due to the death 
of the earner. 

No one can foretell the length of an in- 
dividual life, but population and life insurance 
statistics indicate the probable distribution of 
longevity in any large group. Such a group 
can guarantee the payment at the death of 
each individual of a definite sum out of a 
central fund accumulated from separate an- 
nual payments, based upon each individual's 
probability of living from the date when he 
enters the group. Such action is merely a re- 
distribution of the money of the members 
of the group. It represents no increase of 
wealth except in the increased productivity of 
the group due to their sense of protection. 

As the chance of dying increases with 
age, the individual's payment would become 
larger annually unless, as is usual, the 
payments of a lifetime are averaged, the 
later payments being smaller than the risk, 
the difference being made up from the accu- 
mulation, with interest, of over-payments 
made at the earlier ages. 
[12] 



The American Experience Table of Mor- 
tality, first published in 1868, is now generally 
prescribed by state laws as furnishing a safe 
basis for measuring the mortality of American 
holders of life insurance policies. Those who 
obtain insurance are subject to lower mor- 
tality rates than the general population; it is 
believed that college teachers are subject to 
lower rates than ordinary holders of insurance 
and that in time this should result in a lower- 
ing of the cost of insurance for a group com- 
posed of such teachers. 

Life insurance funds are invested at com- 
pound interest. The rate of interest generally 
prescribed in the United States for computing 
policy values was four per cent prior to 1901; 
since that time it has generally been three 
and one-half per cent, although a number of 
companies use three per cent. 

The Association will use three and one-half 
per cent for insurance and four per cent for 
annuities, the highest interest rates permitted 
under the laws of New York. 

Insurance at Cost 

The stipulation in the charter of the 
Association that its business is to be con- 
ducted without profit to the corporation or to 
its stockholders enables the Association to 
offer insurance and annuities to college teach- 
ers at cost, without the customary loading for 
expenses. With the elimination of profits 
there will be no pressure upon the manage- 
[13 1 



ment to adopt extravagant methods to secure 
a large volume of business. 

The Association will offer sound and sub- 
stantial wares and describe them honestly and 
fully for clients who are accustomed to written 
language. 

It will employ no soliciting agents. Being 
created not to get but to give, it can afford 
to wait for business. 

The current expenses of the organization, 
including taxes, will be met from the income 
from the paid-in capital and surplus, which 
are, respectively, five and ten times the legal 
requirement. 

Although, for technical reasons, the poli- 
cies of the Association are what is known as 
"non-participating," dividends were cred- 
ited in 1920 on all policies issued in 1919. 

The Different Kinds of Insurance 

Different individuals may properly seek 
different kinds of insurance. 

Term Insurance provides protection for a 
limited period. Term insurance, in amounts 
which gradually diminish with advancing age, 
is the only form of insurance by which ad- 
equate protection for a dependent family, 
available at the time of greatest need, can 
be brought within the limitations of the usual 
teacher's salary. 

Ordinary or Whole Life Policies provide for 
the payment of the insurance at death, when- 
[14] 



ever that may occur. The premiums on such 
policies may be paid throughout life, or, in the 
case of Limited Payment Policies, for a speci- 
fied number of years, upon the completion of 
which the policy is paid-up. The Association 
offers such policies paid-up either at the end 
of twenty years, or when the policyholder 
reaches sixty-five. 

Endowment Insurance provides for the 
payment of the sum insured at the end of a 
specified number of years, or at the death 
of the policyholder if this occurs before the 
date of maturity. This is the most expensive 
form of insurance as it provides both insur- 
ance protection and investment. 

All of the usual forms of insurance will be 
offered by the Association. 

The form of policy selected by an individual 
will depend upon his financial resources. 

A teacher, who has no income outside of his 
regular salary, will obtain the greatest pro- 
tection for the least money by combining a 
term policy with an annuity contract. 

A teacher with additional income may pre- 
fer to pay up his insurance in a limited num- 
ber of payments, while providing for his 
annuity. 

A teacher who has capital in addition to 
his salary may prefer a whole life policy, or 
may consider an endowment policy a desir- 
able and conservative investment for his 
money. The Association does not regard the 

[15] 



endowment form of insurance as adapted to 
the circumstances of teachers in general. To 
meet exceptional cases it offers endowment 
insurance maturing at age sixty-five. 

Upon request, the actuaries of the Asso- 
ciation will give full information as to the 
relative advantages of the various policies for 
the varying needs of individuals. 

Maximum Policy 

The amount of insurance which the Asso- 
ciation can safely place upon the life of a 
single individual depends upon the size of 
the group of its policyholders. At present 
the maximum is fifteen thousand dollars, not 
more than ten of which may be on the term 
or decreasing life plans. 

Monthly Premiums 

The Association will write policies based on 
the payment of premiums monthly, a service 
which it is believed will be especially ap- 
preciated by a large number of teachers. 
Ordinarily, life insurance companies find 
that fractional premiums involve a consider- 
able extra cost for collection, for which 
they protect themselves by making an 
ample extra charge to the policyholder. By 
arranging that the policyholder who desires 
the monthly premium service shall instruct 
the disbursing officer of his institution to 
deduct the amount of the premium due each 
month from his salary and remit it directly 

[16 1 



to the Association, it will become possible to 
deal with all of the monthly premiums of the 
policyholders in a single institution in one 
transaction. The resulting saving of postage 
and clerical work will enable the Association 
to offer the monthly payment privilege for an 
extra charge equivalent only to a moderate 
rate of interest for the credit actually ex- 
tended. For those who prefer the usual cus- 
tom, there will be policies providing for 
premium payments either annually, semi- 
annually or quarterly. 

Insurance companies also offer provisions 
for keeping insurance in force without the 
payment of premiums if the policyholder is 
wholly disabled, or for paying insurance not 
in a single sum but in instalments. The 
Association will provide the usual privileges 
in the policies to which they are appropriate. 

Borrowing on Policies 

The Association will lend upon life insurance 
policies in accordance with the requirements 
of New York law, but its officers will seek, 
in the words of Professor Huebner of the 
University of Pennsylvania, "to impress upon 
the insured, as well as on the beneficiary, 
the necessity of not allowing unnecessary 
loans to defeat the sacred purpose of life 
insurance in protecting the home, or in pro- 
viding for old age." 



[17] 



Ill 

Annuities for College Teachers 

An annuity is a series of periodic payments 
continuing during a given status. 

The most common form of life annuity is 
that which, in consideration of a single cash 
deposit, pays a stipulated sum annually, 
semi-annually, quarterly, or monthly, as long 
as the annuitant lives. 

A Deferred Annuity begins after a fixed 
period of years or when the annuitant attains 
a certain age, and. is usually purchased by 
means of payments distributed throughout 
the period of deferment. 

Frequently annuity contracts terminate on 
the death of the annuitant whenever that 
may occur, but may stipulate that the premi- 
ums shall be refunded if the annuitant dies 
before the annuity payments are begun, or 
that a minimum number of annuity payments 
shall be made even if the annuitant dies shortly 
after they begin. It is not uncommon for a 
husband to purchase for his wife an annuity 
which begins at his death and continues as 
long as she survives him, or an annuity 
beginning at a given age and continuing until 
the death of both. 

The Association offers life annuities upon 

several plans, which have been selected with 

reference to the requirements of a just and 

sound system of teachers retirement allow- 

[18] 



ances. The premium rates depend upon the 
age and sex of the annuitant, and are based 
upon McClintock's Tables of Mortality 
among Annuitants with interest at four per 
cent — the most liberal basis permitted by the 
New York Law. 

The benefits of the payments by the teacher 
and his college are secured to the teacher 
whether he remains in the same institution 
until retirement, or transfers to another 
institution, or withdraws from teaching 
altogether. These payments and their accu- 
mulations purchase an annuity commencing 
at such age as the teacher may choose. 

The several plans offered give the teacher 
wide choices as to the form of annuity he will 
receive. This choice will turn mainly on the 
question of dependents. If the teacher is 
alone, he may prefer the maximum annuity 
possible to terminate at his death. If he has 
a wife or other dependents, he will desire to 
protect them in his choice of an annuity. 
The various privileges are set forth fully and 
clearly in the policies. 

Teachers who have followed the discussion 
of pensions during recent years will under- 
stand that the contribution made by a col- 
lege or university to a teacher's annuity will 
inevitably in the course of time be considered 
as part of his salary. This result must always 
follow in any such arrangement between two 
parties who have to each other the relation of 
employer and employee. Nevertheless even 
[19 1 



when this stage has been reached, it is still 
of great advantage to the teacher to have 
his college advance this payment, even though 
it be in the nature of deferred salary. Not 
only is it an advance payment but its full 
value can be secured to the teacher whether 
he lives out his term of activity and makes use 
of the annuity, whether he changes his occu- 
pation, or whether he dies prematurely. 

The Combination 
of Insurance and Annuities 

The principal risks of dependency that con- 
front the teacher are two — the risk of his own 
premature death and the consequent de- 
pendence of his family, and secondly the risk 
of dependence for himself and his family 
should he live to an age when his income- 
earning capacity has deteriorated. The first 
of these risks is covered by life insurance, the 
second by an annuity. The two contracts may 
be drawn so as to supplement one another. 
The Association will furnish such contracts 
in the form suited to the circumstances of the 
teacher's life. 

It is generally assumed that the teacher 
alone is responsible for the protection pro- 
vided by life insurance. An old age annuity 
provides protection in which both the teacher 
and his college are interested, so that it 
should rest on their joint payments. The 

[20] 



college, as an employer, has a direct financial 
interest in the development of an agency by 
means of which its teachers may look forward 
to retirement in old age. No arrangement for 
such retirement will be satisfactory to either 
the college or to the teacher except one that 
has the definiteness and security of a contract. 
Both to the teacher and to his college the 
Association offers the most secure and least 
expensive means for the retirement of teach- 
ers when their active service ends. 

Policies Adapted to the Needs of Teachers 
In addition to annuities as a provision for 
retirement, the Association offers life insur- 
ance policies, which include not only the cus- 
tomary forms, but also forms especially 
adapted to meet the needs of teachers, and 
to supplement the protection given by an 
annuity. 

The teacher who anticipates retirement on 
an annuity is in a different position with 
respect to insurance from the man who does 
not anticipate such a privilege. The individ- 
ual in the financial situation of the teacher 
will serve his own interest best in obtain- 
ing, during the period of his active service, 
the largest protection he can afford against 
the risk of premature death, taking such 
policies as will articulate, in case of his sur- 
vival, with his old age annuity. For him, 
insurance has served its chief purpose when 
his active service has ended. After that time 

[21] 



he has little income earning value to insure, 
nor is he likely to have either the need for, 
or the means to continue payments upon, 
costly policies. 

Unless, therefore, the teacher has an in- 
come independent of his earnings, his needs 
are best met by a form of insurance upon 
which payments cease at the end of his active 
service. 

Such policies may be either term policies 
terminating at a stated age, or life policies 
fully paid at a stated age, for example, sixty- 
five; or better still, a combination of the two. 
In any case the teacher's interest is best 
served in using life insurance solely for its 
legitimate purpose — the protection of his 
dependents against loss of income because of 
his death. 

The college teacher in the United States 
and Canada ordinarily becomes a permanent 
member of his profession at about the age of 
thirty when he is promoted from the position 
of assistant to that of instructor, a term often 
equivalent to that of lecturer in Canada. He 
receives at this time from $1200 to $1600 a 
year as salary. Ordinarily, he marries be- 
fore the age of thirty-five. If he remains a 
college teacher he may expect by the time he 
is forty-five to have a salary of between three 
and four thousand dollars. In the larger in- 
stitutions the salary will be higher than this, 
in the smaller colleges, lower. 

Looking forward to life upon the modest 
[ 22 ] 



income of a teacher, he is bound to protect, 
to the best of his ability, his family and him- 
self against dependence. To do this he needs 
a combination of insurance with an old age 
annuity. 

The Maximum Protection 

Assuming that he is dependent upon his 
salary alone, the arrangement that will best 
suit his needs will be one under which he gets 
the maximum protection for that part of his 
money paid for insurance during the life of 
the policy or policies, and the maximum 
accumulation upon the payments made to 
secure the old age annuity should it be needed; 
with the provision that in case of death before 
the annuity begins, both the insurance and 
the accumulation for the annuity shall be 
available to his dependent wife or children. 

The function of the Association is to furnish 
such policies at terms within the reasonable 
limit of the teacher's salary, so that he may 
be able to carry a fair insurance for the pro- 
tection of his family, and to join with his 
college in providing an annuity available for 
the use of himself and his wife, if she sur- 
vives, in old age. 

Later are described in full all the forms of 
policies offered by the Association. To illus- 
trate the advantage to the teacher of a com- 
bination of insurance and annuity contracts 
the following examples are taken: 

I. To use a very simple case, assume a 
[23] 



teacher aged thirty with a salary of $1,500 
a year. He decides to carry $5,000 term in- 
surance to age sixty-five, and to provide an 
annuity commencing at that age of $1,000 
yearly. A payment of $5.20 a month will 
provide the insurance. A payment of $5.00 
a month by the teacher and a similar pay- 
ment by his college will provide the annuity 
to be available at sixty-five. 

Should he die in the interval his heirs would 
receive $5,000 insurance and the accumula- 
tions of the annuity contributions. At age 
forty these would amount approximately to 
$1,472, at age fifty to $3,650, at age sixty 
to $6,875. 

It goes without saying that a teacher would 
generally increase both his insurance and his 
annuity contribution with advancing salary. 

II. The arrangement indicated above, 
while quite favorable to the teacher, has one 
feature that to many policyholders is in- 
congruous. His insurance of $5,000 auto- 
matically terminates on a specified day in a 
given year. The day before this date his 
death would bring to his family a sum equal 
to the face of the policy, the day after it 
would bring nothing. 

The situation is similar to that of a fire 
insurance policy on a house in case it burns 
down the day after the policy expires. 

The objection can easily be met by taking 
[24] 



term policies to terminate at different dates 
from sixty to seventy. 

For example, a man carrying insurance to 
the amount of $10,000 could arrange to have 
five policies of $2,000 terminating at ages 
between sixty and seventy. As insurance pre- 
miums diminish through the successive termi- 
nation of these policies, the teacher can apply 
the sums so released to increase his annuity. 

The fact is that with increasing age a man's 
economic value diminishes, and it is to his 
interest to make a corresponding decrease in 
his insurance, just as fire insurance on a house 
diminishes as the property depreciates. 

To meet this situation the Association has 
designed its Decreasing Insurance Policy and 
its Teachers Retirement Deferred Annuity 
Policy in such a way that the insurance pay- 
able under the one diminishes as the accumu- 
lation of premiums available at death under 
the other increases. 

For example, a teacher at age thirty secures 
a Decreasing Insurance Policy. The amount 
of insurance remains at $10,000 until he is 
forty-one years of age, by which time his 
accumulations on an annuity contract have 
grown to the point where they supplement very 
considerably his insurance in case of death. 
Beginning at age forty -one, the amount of the 
policy is reduced $300 each year until at age 
seventy the protection is reduced to $1,000 
at which it remains for the rest of his life. 
[25] 



In the meantime, the growth of the annuity 
accumulation, as the insurance policy dimin- 
ishes, provides protection until the time of 
his retirement. The monthly cost of such an 
insurance policy together with the supple- 
mentary annuity policy would be about 
twenty dollars at age thirty. 



[26] 



Withdrawal from Teaching 

The Association having been created for the 
benefit of men and women employed by 
colleges and universities, how should it treat 
those who, becoming policy-holders while so 
employed, afterwards enter other occupa- 
tions? 

Clearly, no one who enters in good faith 
should later be deprived of any interest he 
may have acquired, but clearly, also, one 
who leaves the group should not continue to 
receive all of the special privileges granted to 
that group. 

The fairest plan would seem to be to give 
to the teachers the lowest practicable pre- 
mium rates, and to charge higher premiums 
to those who leave the profession, the bene- 
fits remaining unaltered. For technical rea- 
sons, it seems best to accomplish the same 
result by adding a small percentage to the 
net premium rates and providing for a reduc- 
tion on each premium paid while the policy- 
holder remains a member of the profession. 

The reduction referred to has been fixed 
generally at ten per cent so that the teacher as 
long as he remains in the profession, will have 
the advantage of the lowest premiums con- 
sistent with sound insurance; if he leaves the 
profession, he will still be able to continue his 
policy at a cost probably less than he would 
pay elsewhere, without forfeiting any benefit 
he has already acquired. 
[27] 



IV 

Method of Obtaining Policies 

The procedure in obtaining policies will be 
simplified and adapted to the conditions of 
the teaching profession. Full information, 
including specimen copies of policies and 
answers to all enquiries, will be furnished 
upon request. 

The forms to be filled by the teacher have 
been made brief and direct. Upon request, 
the teacher will be provided with a form for 
application. Upon receipt of an application 
for life insurance, accompanied by a check or 
money order of the amount of the first pre- 
mium, the Association will supply forms for 
a statement of physical condition by the ap- 
plicant and a local physician acceptable to 
the Association. 

No physical examination is required if the 
application is for a deferred annuity. 

If the Association is unable to grant the 
insurance, it will return the advance pay- 
ment. 



[28] 



Annuity Policies 

Annuity Plans 

The Association offers annuities to teachers 
upon the following plans; descriptions and 
rates will be found on the pages indicated. 

Deferred Annuity, Teachers Retirement 

Plan, (See page 31). 
Survivorship Annuity, (See page 44). 
Life Annuity, (See page 47). 

Reduction of Premiums 
on Account of Occupation 

All of the Association's annuity policies 
to which it is appropriate, contain the follow- 
ing provision: 

"The Association will, on the date when 
any premium on this policy is due, upon 
receipt of satisfactory evidence that the 
Annuitant is then employed by a College, 
University, or institution engaged primarily 
in educational or research work, waive pay- 
ment of the expense loading of ten per cent 
of said premium, and accept the premium so 
reduced as settlement in full." 

The rates quoted show the actual cost to 
a teacher, who, on account of his employ- 
ment, enjoys the ten per cent reduction re- 

[29] 



f erred to. To ascertain the full premiums 
payable in case of withdrawal from educa- 
tional employment, multiply the reduced 
premium by 1.1111. 

Age and Sex 

Annuity rates depend upon age and sex. 
Evidence that the date of birth of the 
annuitant is correctly stated must accompany 
the application. Rates for Deferred Annui- 
ties and for Life Annuities are based upon 
the age of the annuitant expressed in com- 
pleted months. 

Monthly Payments 

The rates quoted are for annuities payable 
monthly. Policies will provide for payment 
on the first day of the month. 



[30] 



The Deferred Annuity Contract 
Teachers Retirement Plan 

The teacher whose retirement allowance is 
secured by a Deferred Annuity policy on the 
Teachers Retirement Plan will enjoy a pro- 
tection fundamentally more secure and equit- 
able than one whose reliance must be upon a 
pension payable at the discretion of a Board 
of Regents or of Trustees. 

A Non-forfeitable Pension 

From the moment the first premium is paid 
on such a policy, the teacher will become the 
owner of a policy or contract which neither 
his employer nor the Association will have 
any power to modify adversely to his in- 
terests, and no change of employment or 
failure to continue the payment of premiums 
can deprive him of the full benefit purchased 
by the premiums already paid. He will be 
assured that every cent of premium which 
he pays as a teacher or which is paid by 
his college for him, with compound interest 
at four per cent, will either be applied to 
provide the retirement allowance, or if he 
dies before the allowance becomes payable, 
returned to his dependents. 
[311 



Various Options Available 

The man who, at the age of thirty, begins 
to make provision for his retirement cannot 
foretell exactly the age at which he will wish 
to retire, or what form of annuity will best 
suit his circumstances thirty or forty years 
later. 

To meet his just reluctance to commit him- 
self so far in advance to a fixed age of retire- 
ment and form of annuity, the policy allows 
great latitude. Preserving always mathemat- 
ical equivalence of value among the benefits 
granted, the policy allows the annuitant free- 
dom to choose the date at which his annuity 
will commence, and also allows, as alternative 
to the life annuity, the choice of a form of 
annuity one-half of which will continue after 
his death to his wife while she survives him, 
or of a form which guarantees that annuity 
payments will continue after his death until 
the total annuity payments equal the total 
premium payments with interest. 

The purpose of such a policy is to make 
certain the payment of an income. To secure 
this purpose, the policy does not permit the 
payment of the proceeds in one sum. If the 
annuitant lives to enter upon the annuity, 
he will be assured an income for the re- 
mainder of his life. If he dies before entering 
upon the annuity, his wife, if she survives 
him, or his estate, will receive an income of 
one hundred twenty equal monthly pay- 
[32] 



ments, equivalent in value to the accumulated 
premiums with four per cent compound in- 
terest. 

Increase of Premiums 
to Secure Larger Annuity 

A most valuable provision of the policy 
is that which allows the teacher who begins 
with the payment of premiums on a modest 
scale, to increase his premiums, and thus to 
secure a larger annuity without the formality 
of applying for an additional policy. Addi- 
tional premiums paid at any time will pro- 
vide additional annuity, payable in the same 
way and subject to all the rights and con- 
ditions which protect the annuity originally 
granted. The only limitation on the right to 
pay additional premiums is that the total 
additional annuity shall not exceed $500 
monthly. The provision of the policy that 
additional premiums may be paid at any 
time furnishes the teacher a desirable in- 
vestment always available. 

An Illustration 

This Deferred Annuity policy is offered by 
the Association to form the basis of the 
teacher's insurance protection. A full under- 
standing of its provisions will enable the 
teacher to plan his entire insurance protection 
intelligently and to choose such form of life 
insurance as will supplement the annuity 
policy. 

[33] 



The following illustration will serve to make 
clear the benefits provided by this policy. 

Let us assume that, at the age of thirty, a 
teacher decides to use five per cent of his 
monthly salary of $150, his college agreeing 
to duplicate his payments, to pay the pre- 
miums on a policy of this form. 

The table of annuities on page 40 shows 
that monthly payments of $15, continued for 
thirty-five years, will provide a deferred life 
annuity of $127.66 monthly commencing at 
the age of sixty-five. 

Five years later he receives an increase in 
salary of $50, and accordingly, at age thirty- 
five, he begins the payment of additional 
monthly premiums of $5 each. The table 
shows that if he continues to pay this addi- 
tional $5 monthly for thirty years it will 
produce an additional annuity of $32.40, 
making a total monthly annuity on which he 
may retire at sixty-five of $160.06. 

At forty-five and again at fifty-five in- 
creased salary enables him to make increases 
of $5 in his monthly premiums, with corre- 
sponding increases of $17.20 and $6.93 
monthly in his annuity. 

If he continues these payments until his 
retirement at sixty -five, he will enjoy an 
income of $184.19 monthly for the remainder 
of his life. The Annuity thus provided at age 
sixty-five— $184.19 monthly, or $2,210.28 per 
year, — is almost exactly what a man retiring 
[34] 



at age sixty-five with a final salary of $3,600 
would receive according to the formula of 
the Carnegie Foundation, "Allowance equals 
one-half salary plus $400." 

In the accompanying table these results, as 
well as the benefit which his wife, or estate, 
would receive in the event of the teacher's 
death before reaching the age of sixty-five, 
are shown, perhaps more clearly. 





Deferred Annuity Policy 




Teachers Retirement Plan 


Illustration of results of a policy issued to 




a man 30 years of age 












In Case of 








Total 


Amount of 


Death 


Attained 


Monthly 


Monthly 


Monthly 


Premiums 


Monthly 


AGE 


Salary 


Annuity 


with 


Instalments 








at Age 65 


Interest 


Payable for 
120 Months 


30 


$150 


$15 


$127.66 






35 


200 


20 


160.06 


$ 996 


$10.02 


40 


200 


20 


160.06 


2,540 


25.65 


45 


250 


25 


177.26 


4,418 


44.45 


60 


250 


25 


177.26 


7,085 


70.77 


55 


300 


30 


184.19 


10,219 


102.80 


60 


300 


80 


184.19 


14,424 


146.11 



In the table, the column headed "Amount 
of Premiums With Interest" is of importance. 
It shows the value of the annuity policy to 
the dependents of the annuitant in case of 
his death at the attained age stated, before 
retirement, and forms the basis for choosing 
the kind and amount of life insurance which 
he should secure. Incidentally, it indicates 
the value of the "deferred wages" which 
[35] 



would be at stake, and possibly forfeited, 
under a non-contractual pension system. 

Let us now suppose that our teacher has 
reached the end of his sixty-fourth year. He 
must choose whether he will accept the life 
annuity of $184.19 monthly, which will cease 
at his death, or whether he will ask for one 
of the alternatives offered by the policy. 

If he finds himself in good health and not 
compelled to retire, he may select Option II 
which defers the payment of his annuity, and 
gives the larger monthly sum to which longer 
accumulation and greater age will entitle 
him. He will also have the option of con- 
tinuing the payment of premiums in order to 
produce a still larger annuity at the time he 
decides to retire. For example, if he con- 
tinues to pay premiums of $30 monthly for 
two years and elects to have the annuity 
begin when he is sixty-seven years of age, he 
may then retire on a monthly annuity of $222. 

When a teacher reaches the end of his 
sixty-fourth year, if his wife is living, he will 
naturally select Option III which provides for 
an annuity for the life of the annuitant, to be 
continued after his death for one-half the 
monthly amount to his wife as long as she 
shall survive him. The amount of annuity 
under this option will depend upon the age 
of the wife. In the case we are considering, 
when the annuitant is at the end of his sixty- 
fourth year, the accumulated premiums of his 
[36] 



policy will amount to $19,541. If his wife is 
sixty years of age at that time, the $19,541 
available will provide a monthly income of 
$147.53 throughout the life of the annuitant, 
and a monthly income of $73.77 after his 
death as long as his wife is living. 

For the teacher, who, at the time of retire- 
ment has no need to provide for the contin- 
gency of his wife surviving him, but who 
hesitates to accept a form of annuity under 
which there would be no return in event of 
his death, the fourth option stated in the 
policy provides a suitable alternative. 

If Option IV be selected, the annuity will 
be paid to the annuitant for life, but, if the 
annuitant dies before the total annuity pay- 
ments equal the total accumulated premiums 
applied to purchase the annuity, payments 
will be continued to his estate until the 
annuity payments have equaled the amount 
of the accumulated premiums. 

In the illustration we are considering, the 
accumulated premiums, at the end of the 
teacher's sixty-fourth year, amount to $19,- 
541. This sum, under Option IV, will 
provide a monthly annuity of $152.66, pay- 
able as long as the annuitant lives, but pay- 
able for 128 months in any event. For 
example, if the annuitant should die after 
receiving ten monthly payments, amounting 
to $1526.60, payments would continue to his 
[37 1 



estate for 118 months, making a total of 
$19,540.48. 

Two other features of this policy deserve 
especial mention. To provide for those 
teachers who may arrange to retire at an 
earlier age than that originally selected, an 
annuity, either of the original form, or of a 
form provided under one of the options, may 
be made to begin at any time. The amount 
of annuity, in such case, will depend upon 
the amount of the accumulated premiums, 
and the age at which the annuity begins. 

For example, if the teacher whose case we 
have used for illustration should retire at the 
age of sixty, he would, under Option I, be en- 
titled to a monthly annuity, beginning at that 
age, of $115.34, which is what his accumu- 
lated premiums of $14,424 would purchase. 

The Association will keep individual ac- 
counts of the policies on this plan, and fur- 
nish the policy holder with statements. Illus- 
trations of the settlements available under 
the various options will be furnished upon 
request. 

It is hoped that this illustration will serve 
to indicate the great adaptability of this policy, 
The great variety of the possible settlements 
makes it difficult to present a complete 
statement, because the result, in each case, 
will depend upon the amount of the premiums 
paid and the ages of the annuitant and his 
wife at the time the options are exercised. 
[38] 



Deferred Annuity Policy 
Teachers Retirement Plan 

Regular Monthly Premiums 

Policies on this plan will be issued at ages 
twenty-one to sixty-four at the rates shown 
in the table on the two following pages. 

In computing the amount of annuity pay- 
able, due allowance will be made for fractions 
of a year of age expressed in completed 
months. 

Policies will be issued, unless a different form 
is requested, providing that the first annuity 
payment will be due on the first of the month 
following the annuitant's sixty -fifth birthday, 
and succeding payments on the first day of 
each month. 

Premiums are payable on the first day of 
each month; the last premium will be due 
one month before the first annuity payment 
is due. 

Rates for deferred annuities, first payment at 
ages higher or lower than sixty -five, will be 
quoted upon request. 



[39] 



Deferred Annuity Policy 
Teachers Retirement Plan 

Amount of Monthly Annuity, First Payment at 
Age 65, per $11.11 Monthly Premium, which may 
be reduced to $10.00 on account of occupation 


AGE 

when First 

Premium 

is Paid 


Number of 
Monthly 

Premiums 
Payable 


Amount of Monthly Annuity 
Beginning at 65 


If the Annuitant 
is a MAN 


If the Annuitant 
is a WOMAN 


21 
22 
23 
24 
25 

26 
27 
28 
29 
30 

31 
32 
33 
34 
35 

36 
37 
38 
39 
40 


528 
516 
504 
492 
480 

468 
456 
444 
432 
420 

408 
396 
384 
372 
360 

348 
836 
324 
312 
300 


$133.37 
127.13 
121.13 
115.36 
109.81 

104.47 
99.35 
94.41 
89.67 
85.11 

80.73 
76.51 
72.46 
68.56 
64.81 

61.21 
57.74 
54.41 
51.21 
48.13 


$116.93 

111.46 

106.20 

101.14 

96.27 

91.60 
87.10 

82.77 
78.62 
74.62 

70.77 
67.08 
63.52 
60.11 
56.82 

53.66 
50.62 
47.70 
44.89 
42.19 



40] 



Deferred Annuity Policy, Teachers Retirement Plan 




(Continued) 


AGE 
when First 
Premium 


Number of 
Monthly 
Premiums 


Amount of Monthly Annuity 
Beginning at 65 


If the Annuitant 


If the Annuitant 


is Paid 


Payable 


is a MAN 


is a WOMAN 


41 


288 


$45.16 


$39.60 


42 


276 


42.82 


37.10 


43 


264 


39.58 


34.70 


44 


252 


36.94 


32.39 


45 


240 


34.41 


30.17 


46 


228 


81.98 


28.03 


47 


216 


29.64 


25.98 


48 


204 


27.38 


24.01 


49 


192 


25.22 


22.11 


50 


180 


23.14 


20.29 


51 


168 


21.14 


18.58 


52 


156 


19.21 


16.85 


53 


144 


17.36 


15.22 


54 


132 


15.58 


18.66 


55 


120 


18.87 


12.16 


56 


108 


12.28 


10.72 


57 


96 


10.65 


9.34 


58 


84 


9.13 


8.00 


59 


72 


7.67 


6.72 


60 


60 


6.26 


6.49 


61 


48 


4.91 


4.30 


62 


36 


3.61 


3.16 


63 


24 


2.36 


2.07 


64 


12 


1.16 


1.01 



[41] 



Deferred Annuity Policy 

Teachers Retirement Plan 

Optional Additional Premiums 

Additional annuity may be provided: 

I. By a series of additional equal monthly 
premiums, begun at the option of the 
annuitant, and continued until the an- 
nuity is entered upon. The amount of such 
additional annuity beginning at sixty-five 
will be based upon the rates shown in the 
preceding table. 

II. By a single additional premium, paid at 
the option of the annuitant. The amount 
of such additional monthly annuity, first 
payment at sixty -five, purchased by a 
single premium of $111.11, which may be 
reduced to $100 on account of occupation, 
is shown in the table opposite. 



[42] 



Deferred Annuity Policy 


Teachers Retirement Plan 


AGE 


Additional Monthly Annuity Beginning at 65 


When Single 
Premium 


Purchased by $100 Reduced Premium 


If the Annuitant 


If the Annuitant 


is Paid 


is a MAN 


is a WOMAN 


26 


$4.53 


$3.97 


26 


4.35 


3.82 


27 


4.18 


3.67 


28 


4.02 


3.53 


29 


3.87 


3.39 


80 


3.72 


3.26 


81 


3.58 


3.14 


32 


3.44 


3.02 


83 


3.31 


2.90 


34 


3.18 


2.79 


85 


3.06 


2.68 


36 


2.94 


2.58 


37 


2.83 


2.48 


38 


2.72 


2.38 


39 


2.61 


2.29 


40 


2.51 


2.20 


41 


2.42 


2.12 


42 


2.32 


2.04 


43 


2.23 


1.96 


44 


2.15 


1.88 


45 


2.07 


1.81 


46 


1.99 


1.74 


47 


1.91 


1.67 


48 


1.84 


1.61 


49 


1.77 


1.55 


50 


1.70 


1.49 


51 


1.63 


1.43 


52 


1.57 


1.38 


53 


1.51 


1.32 


54 


1.45 


1.27 


55 


1.40 


1.22 


56 


1.34 


1.18 


57 


1.29 


1.13 


58 


1.24 


1.09 


69 


1.19 


1.05 


60 


1.15 


1.01 


61 


1.10 


.97 


62 


1.06 


.93 


63 


1.02 


.89 


64 


.98 


.86 



[43 



Survivorship Annuities 

The Association offers its policy on this plan 
to the teacher who seeks insurance to make 
certain, lifelong provision for a single de- 
pendent. The cost of this form of insurance 
is low, because the policy terminates at the 
death of the person for whom the provision is 
intended. Premium rates depend upon the 
age, nearest birthday, and sex, of both 
annuitant and insured. If the annuitant is 
older than, or but little younger than, the 
insured, the rates are especially attractive. 

Survivorship Annuity 

The policy provides annuity, payable 
monthly, to the annuitant. The annuity com- 
mences at the death of the insured, and con- 
tinues as long as the annuitant lives thereafter. 

Premiums 

Premiums are payable until the insured 
reaches age sixty-five, at which time the policy 
becomes fully paid-up. At the death of the 
annuitant, the contract expires, and no 
further annuity, and no return of premiums, 
is payable. It is impracticable to publish 
complete tables of premiums for all combina- 
tions of age and sex. The premiums shown 
are applicable if the insured is a man, and the 
annuitant, a woman of the same age. Rates 
[44] 



for other combinations will be furnished upon 
request. 

Disability Benefit 

Policies on the above mentioned plan con- 
tain a clause providing that the policy will 
be continued in full force without further 
payment of premiums, in the event of the 
insured becoming totally and permanently 
disabled before reaching the age of sixty-five. 

Non-forfeiture Provision 

After the policy has been in force three 
years, upon any subsequent default in the 
payment of premiums, the policy becomes 
paid-up for a reduced amount of annuity. 
No cash surrender or loan privilege can be 
granted in this form of policy. 

Insurability 

The insured will be required to furnish 
evidence of good health. 

Survivorship Annuity Rates 

In the table following are shown the Reduced 
Premiums per $10 Monthly Annuity begin- 
ning at the death of the Insured, and payable 
during the life of the Annuitant thereafter, 
if the Insured is employed by a College, Uni- 
versity, or institution engaged primarily in 
educational or research work. 
[45] 



Survivorship Annuity of $10 Monthly 


Insured, a Man; Annuitant, a Woman. 


Insured and Annuitant of Equal Age 


Policy fully paid-up at Age 65 




No. of Monthly 


Reduced 


Reduced 


AGES 


Premiums 


Monthly 


Annual 




Payable 


Premium 


Premium 


21 :21 


528 


$1.98 


$23.04 


22 :22 


516 


2.00 


23.27 


23 :23 


504 


2.02 


23.54 


24 :24 


492 


2.04 


23.82 


25 :25 


480 


2.07 


24.15 


26 :26 


468 


2.10 


24.46 


27 :27 


456 


2.12 


24.80 


28 :28 


444 


2.16 


25.16 


29 :29 


432 


2.19 


25.54 


30 :30 


420 


2.22 


25.97 


31 :31 


408 


2.27 


26.41 


32 :32 


396 


2.30 


26.88 


33 :33 


384 


2.35 


27.89 


84 :34 


372 


2.39 


27.93 


35 : 35 


360 


2.44 


28.60 


36 :36 


348 


2.49 


29.12 


37 :37 


336 


2.56 


29.80 


38 :38 


324 


2.61 


30.49 


39 :39 


312 


2.68 


31.27 


40 :40 


300 


2.75 


32.09 


41 :41 


288 


2.83 


32.98 


42 :42 


276 


2.91 


33.90 


43 : 43 


264 


3.00 


34.93 


44 :44 


252 


3.09 


86.04 


46.: 45 


240 


3.20 


87.25 


46 :46 


228 


3.30 


38.56 


47 :47 


216 


3.43 


40.00 


48 :48 


204 


3.56 


41.58 


49 : 49 


192 


3.71 


43.82 


50 :50 


180 


3.88 


45.27 


51 :51 


168 


4.06 


47.43 


52 :52 


156 


4.28 


49.89 


53 :53 


144 


4.52 


62.71 


54 :54 


132 


4.79 


55.95 


65 : 55 


120 


5.12 


59.80 


56 :56 


108 


5.52 


64.39 


67 :57 


96 


5.99 


70.06 


58 :58 


84 


6.61 


77.16 


59 :59 


72 


7.40 


86.45 


60 :60 


60 


8.61 


99.35 



[46] 



Life Annuities 

Equal monthly payments throughout the life 
of the annuitant. 

First annuity payment, one month after 
purchase. 

No return of consideration in event of death. 

Table showing the amount of monthly 
annuity purchased by a single premium of 
$1000. 



[47] 



Life Annuity Rates 


Amount of Monthly Annuity 




purchased by $1000 




Monthly Annuity, First Payment 


AGE 

at 

Purchase 


one month after Purchase 


If the Annuitant 


If the Annuitant 




is a MAN 


is a WOMAN 


25 


$4.55 


$4.19 


26 


4.58 


4.21 


27 


4.62 


4.25 


28 


4.65 


4.28 


29 


4.69 


4.31 


30 


4.73 


4.35 


31 


4.78 


4.39 


32 


4.82 


4.43 


33 


4.87 


4.47 


34 


4.92 


4.61 


36 


4.97 


4.56 


36 


5.03 


4.61 


37 


6.09 


4.66 


38 


5.16 


4.71 


39 


6.22 


4-77 


40 


5.29 


4.83 


41 


5.36 


4.89 


42 


6.44 


4.96 


43 


5.53 


5.08 


44 


5.61 


6.11 



[48] 



Life Annuity Rates (Continued) 




Monthly Annuity, First Payment 


AGE 


one month after Purchase 


at 
Purchase 




If the Annuitant 


If the Annuitant 




is a MAN 


is a WOMAN 


46 


$5.71 


$5.19 


46 


5.81 


5.27 


47 


6.91 


6.36 


48 


6.02 


5.45 


49 


6.14 


6.65 


60 


6.26 


5.66 


51 


6.40 


5.77 


52 


6.54 


5.89 


63 


6.69 


6.01 


64 


685 


6.15 


55 


7.02 


6.29 


66 


7.20 


6.44 


67 


7.40 


6.60 


58 


7.60 


6.77 


59 


7.82 


6.95 


60 


8.06 


7.15 


61 


8.31 


7.36 


62 


8.58 


7.58 


68 


8.87 


7.81 


64 


9.18 


8.06 


65 


9.52 


8.33 


66 


9.87 


8.62 


67 


10.26 


8.93 


68 


10.67 


9.26 


69 


11.11 


9.62 


70 


11.59 


10.00 



[49 



VI 
Life Insurance Policies 

Plans of Insurance 

The Association offers its policies of life 
insurance to men and women teachers on the 
same terms. Policies will be issued on the 
following plans; descriptions and premium 
rates will be found on the pages indicated. 

Five Year Term, (See pages 56,57). 
Ten Year Term, (See pages 56, 58). 
Fifteen Year Term, (See pages 56, 59). 
Twenty Year Term, (See pages 56, 60). 
Term Insurance until Age Stated (Expiring 

at Ages from Sixty to Seventy, (See 

pages 56, 61-71). 
Decreasing Life Insurance, Paid-up at Age 

Sixty-five, (See pages 72-75) . 
Whole Life, (See pages 76-77). 
Limited Payment Life, Paid-up at End of 

Twenty Years, (See pages 76, 78). 
Limited Payment Life, Paid-up at Age 

Sixty-five, (See pages 76, 79) . 
Endowment Insurance, Maturing at Age 

Sixty-five, (See pages 80-81) . 

The following Provisions and Regulations 
apply to all Life Insurance Policies 

Premiums may be paid Annually, Semi- 
annually, Quarterly, or Monthly. Monthly 

[50] 



and annual rates only are shown; semi-annual 
and quarterly rates will be quoted upon 
request. 

Premiums other than annual necessarily 
contain an interest charge. The quarterly 
rate may be approximated very closely by 
multiplying the annual by .2556 ; the semi- 
annual by multiplying the annual by .5073. 

Reduction of Premiums 
on account of occupation 

All of the Association's policies of life 
insurance contain the following provision: 

' 'The Association will, on the date when 
any premium on this policy is due, upon 
receipt of satisfactory evidence that the 
Insured is then employed by a College, 
University, or institution engaged primarily 
in educational or research work, reduce the 
premium then payable by an amount equal 
to ten per cent of said premium and accept 
the premium so reduced as settlement in full." 

The rates quoted show the actual cost to a 
teacher who, on account of his employment, 
enjoys the ten per cent reduction referred to. 
To ascertain the full premium payable in case 
of withdrawal from educational employment, 
multiply the reduced premium by 1.1111. 

Disability Benefit 

Policies on the above-mentioned plans con- 
tain a clause providing that the policy will be 

[51] 



continued in full force without further pay- 
ment of premiums, in the event of the insured 
becoming totally and permanently disabled 
before reaching the age of sixty-five. 

War Hazard 

Policies issued to men under forty-six years 
of age may contain a clause providing for a 
reduction of the amount of insurance payable: 

(a) If the insured travels or resides outside 
of the United States, Canada or Newfound- 
land, and dies within two years as a result of 
a state of war; or 

(b) If, within five years, he dies as a result 
of engaging outside of the United States, 
Canada, or Newfoundland, in military or 
naval service in time of war. 

These restrictions may be removed upon 
payment of an extra premium. 

Standard Provisions 

All policies issued by the Association are 
approved by the New York State Depart- 
ment of Insurance, and contain the ap- 
propriate standard provisions prescribed by 
the New York Insurance Law. 

Manner of Payment of Insurance : 
Monthly Income Plan 

The manner in which insurance is payable to 
the beneficiary at the death of the insured is 
a matter of great importance, to which too 
little attention is often given. 

[52] 



When a beneficiary unused to the invest- 
ment of large sums receives the proceeds of 
the policy in one immediate payment, unwise 
management of the money frequently results 
in defeating the purpose for which the in- 
surance was provided. 

Ordinarily, the teacher will do less than his 
whole duty to his dependents, unless, when 
he insures his life, he provides that the in- 
surance be payable in a manner which will 
assure them a continued income correspond- 
ing to their necessities. 

Monthly Income Policies 

The Association will issue policies on the 
Term, Whole Life, Limited Payment Life, 
and Endowment, Monthly Income Plan. Such 
policies provide that the insurance will be 
payable in two hundred forty equal monthly 
instalments. Policies will be issued for a 
monthly income of $10, or multiple of that 
amount not exceeding $60 monthly. 

This plan is desirable when the beneficiaries 
to be provided for are children whose de- 
pendence may be expected to cease within the 
twenty years during which the income is 
payable. Two hundred forty monthly instal- 
ments of $10 each are equivalent in value to 
$1,737 payable in one sum. 

Rates for a monthly income of $10 are 
quoted under each form of insurance. 

[53] 



Continuous Monthly Income Policies 

The Association will issue policies on the 
Term, Whole Life, and Limited Payment 
Life, Continuous Monthly Income Plan. 
This plan assures a life income to the bene- 
ficiary. The provisions of this policy are 
similar to those of the monthly income policy, 
with the additional guarantee that the 
monthly income will continue, after two 
hundred forty monthly payments have 
been made, throughout the life of the bene- 
ficiary, however long that may be. 

This policy differs from the Survivorship 
Annuity Policy, in that it does not terminate 
at the death of the beneficiary, but provides 
that the income will continue for two hundred 
forty months after the death of the insured, 
irrespective of the survival of the beneficiary. 

Premiums are based on the rates for 
Monthly Income Policies, increased by a 
small extra premium which depends upon the 
age of the beneficiary. 

Rates for this form will be quoted upon 
request. 

But one person can be named as bene- 
ficiary in policies on this plan; and if a 
different beneficiary be named later, not 
more than two hundred forty instalments will 
be payable. 



54] 



Term Insurance 

Term Insurance — more correctly described as 
temporary insurances — is insurance for a 
limited period. If death occurs within the 
term, the insurance becomes payable. If the 
insured survives the term, the contract ex- 
pires. Consequently, many policies of term 
insurance never become claims. The cost of 
such policies is therefore materially less than 
the cost of policies for the whole of life, 
which all become claims, unless forfeited or 
surrendered. 

The low cost of term insurance, especially 
for terms which do not extend into old age, 
permits its use to great advantage to supple- 
ment other forms of protection, or to pro- 
vide against risks which are temporary. 
The Association will issue policies of term 
insurance upon the plans described below, 
but in no case for a term extending beyond 
the insured's seventieth year. 



55 



Term Policies 

Insurance Payable at Death if before Ex- 
piration of Term. 

Disability Benefit. 

Non-forfeiture Provision if term is twenty 
years or more, and in Term Policies expiring 
at Ages Sixty to Seventy if term is more 
than five years. 

Table of Reduced Monthly and Annual 
Premiums payable if the insured is employed 
by a College, University, or institution en- 
gaged primarily in educational or research 
work. 



[56] 



Five Year Term Policies 


AGE 
Nearest 
Birthday 


Reduced Premiums 

per $1000 of Insurance 

payable in one sum 


Reduced Premiums 
per $10 Monthly Income 
payable for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$.68 


$7.79 


$1.17 


$13.54 


22 


.68 


7.85 


1.17 


13.64 


23 


.68 


7.90 


1.19 


13.73 


24 


.68 


7.96 


1.19 


13.82 


25 


.69 


8.03 


1.21 


13.94 


26 


.70 


8.10 


1.22 


14.07 


27 


.70 


8.17 


1.22 


14.19 


28 


.71 


8.24 


1.23 


14.32 


29 


.72 


8.33 


1.25 


14.47 


30 


.73 


8.42 


1.27 


14.63 


81 


.74 


8.53 


1.28 


14.82 


82 


.75 


8.64 


1.30 


16.01 


33 


.76 


8.76 


1.31 


16.21 


34 


.77 


8.89 


1.38 


16.44 


85 


.77 


9.04 


1.34 


16.70 


36 


.79 


9.20 


1.38 


15.98 


37 


.81 


9.38 


1.40 


16.29 


38 


.82 


9.57 


1.42 


16.61 


39 


.84 


9.77 


1.46 


16.97 


40 


.86 


10.02 


1.50 


17.40 


41 


.88 


10.28 


1.53 


17.86 


42 


.91 


10.58 


1.58 


18.37 


43 


.94 


10.91 


1.63 


18.95 


44 


.97 


11.29 


1.69 


19.60 


45 


1.01 


11.73 


1.76 


20.37 


46 


1.05 


12.23 


1.83 


21.25 


47 


1.10 


12.79 


1.91 


22.21 


48 


1.16 


13.44 


2.00 


23.34 


49 


1.22 


14.17 


2.11 


24.61 


60 


1.29 


14.99 


2.23 


26.03 


51 


1.37 


16.89 


2.88 


27.61 


62 


1.45 


16.92 


2.52 


29.89 


53 


1.65 


18.06 


2.69 


31.35 


54 


1.66 


19.31 


2.88 


83.53 


55 


1.78 


20.82 


3.10 


36.16 


56 


1.92 


22.37 


3.33 


38.84 


57 


2.06 


24.08 


8.58 


41.81 


58 


2.23 


26.07 


8.88 


45.29 


59 


2.41 


28.16 


4.19 


48.92 


60 


2.62 


30.58 


4.55 


53.12 



[57 



Ten Year Term Policies 




Reduced. Premiums 


Reduced Premiums 


AGE 


per $1000 of Insurance 


per $10 Monthly Income 


Nearest 
Birthday 


payable in one sum 


payable for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$.68 


$7.93 


$1.19 


$13.77 


\ 22 


.68 


7.99 


1.19 


13.88 


23 


.69 


8.06 


1.21 


14.00 


24 


.70 


8.13 


1.22 


14.12 


25 


.71 


8.21 


1.23 


14.26 


26 


.71 


8.29 


1.23 


14.40 


27 


.72 


8.38 


1.25 


14.55 


28 


.73 


8.48 


1.27 


14.72 


29 


.74 


8.58 


1.28 


14.90 


80 


.75 


8.69 


1.30 


15.10 


81 


.76 


8.83 


1.31 


15.34 


82 


.77 


8.96 


1.34 


16.57 


33 


.78 


9.12 


1.36 


15.84 


84 


.80 


9.29 


1.40 


16.14 


35 


.82 


9.47 


1.42 


16.44 


36 


.83 


9.68 


1.44 


16.80 


37 


.86 


9.91 


1.49 


17.21 


38 


.87 


10.17 


1.51 


17.67 


39 


.90 


10.45 


1.57 


18.15 


40 


.98 


10.78 


1.61 


18.73 


41 


.95 


11.14 


1.66 


19.35 


42 


.99 


11.56 


1.72 


20.07 


43 


1.04 


12.02 


1.80 


20.89 


44 


1.08 


12.56 


1.87 


21.81 


45 


1.13 


13.16 


1.97 


22.85 


46 


1.19 


13.84 


2.06 


24.05 


47 


1.25 


14.61 


2.17 


25.37 


48 


1.32 


15.46 


2.30 


26.86 


49 


1.41 


16.43 


2.46 


28.55 



For ages 50 and above, see tables on pages 61-71 

This policy now provides for optional conversion, 
within five years from date of issue, without medical 
reexamination, into a Whole Life, Limited Payment 
Life or Endowment Policy. 
[58] 



Fifteen Year Term Policies 




Reduced Premiums 


Reduced Premiums 


AGE 


per $1000 of Insurance 


per $10 Monthly Income 


Nearest 
Birthday 


payable in one sum 


payable for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$.69 


$8.09 


$1.21 


$14-06 


22 


.70 


8.15 


1.22 


14.17 


23 


.71 


8.24 


1.23 


14.30 


24 


.72 


8.33 


1.25 


14.46 


25 


.73 


8.42 


1.27 


14.63 


26 


.74 


8.53 


1.28 


14.82 


27 


.75 


8.64 


1.30 


15.01 


28 


.76 


8.77 


1.81 


15.23 


29 


.77 


890 


1.33 


15.46 


30 


.77 


9.05 


1.34 


16.71 


31 


.79 


9.21 


1.38 


15.99 


32 


.81 


9.39 


1.40 


16.31 


33 


.83 


9.59 


1.44 


16.65 


34 


.85 


9.81 


1.47 


17.04 


85 


.86 


10.06 


1.50 


17.48 


36 


.89 


10.35 


1.55 


17.98 


37 


.92 


10.66 


1.59 


18.51 


38 


.96 


11.02 


1.64 


19.13 


39 


.98 


11.42 


1.70 


19.84 


40 


1.02 


11.87 


1.76 


20.62 


41 


1.06 


12.87 


1.85 


21.48 


42 


1.12 


12.94 


1.94 


22.48 


43 


1.17 


18.57 


2.03 


23.67 


44 


1.22 


14.27 


2.12 


24.80 



For ages 45 and above, see tables on pages 6i-7i 



[59 



Twenty Year Term Policies 




Reduced Premiums 


Reduced Premiums 


AGE 


per $1000 of Insurance 


per $10 Monthly Income 


Nearest 


payable in one sum 


payable for 240 Months 


Birthday 






Monthly 


Annual 


Monthly 


Annual 


21 


$.71 


$8.28 


$1.23 


$14.38 


22 


.72 


8.38 


1.25 


14.55 


23 


.73 


8.48 


1.27 


14.72 


24 


.74 


8.59 


1.28 


14.91 


25 


.75 


8.71 


1.30 


15.13 


26 


.77 


8.84 


1.33 


15.35 


27 


.77 


8.98 


1.34 


15.61 


28 


.78 


9.14 


1.36 


15.87 


29 


.80 


9.32 


1.40 


16.18 


30 


.82 


9.50 


1.42 


16.51 


31 


.84 


9.73 


1.46 


16.90 


32 


.86 


9.98 


1.49 


17.33 


33 


.88 


10.25 


1.53 


17.80 


34 


.91 


10.56 


1.58 


18.34 


35 


.94 


10.91 


1.63 


18.95 


36 


.97 


11.29 


1.69 


19.60 


37 


1.01 


11.72 


1.76 


20.36 


38 


1.05 


12.20 


1.83 


21.20 


39 


1.10 


12.74 


1.91 


22.12 



For ages 40 and above, see tables on pages 61-7 1 



[60] 



Term Insurance Expiring at Age 60 




Reduced Premiums 


Reduced Premiums 


AGE 


per $1000 of Insurance 


per $10 Monthly Income 


Nearest 
Birthday 


payable in one sum 


payable for 240 Months 












Monthly 


Annual 


Monthly 


Annual 


21 


$ .85 


$9.81 


$1.47 


$17.04 


22 


.86 


9.92 


1.49 


17.23 


23 


.86 


10.04 


1.50 


17.43 { 


24 


.87 


10.17 


1.51 


17.67 


25 


.88 


10.30 


1.53 


17.88 


26 


.90 


10.44 


1.57 


18.14 


27 


.91 


10.58 


1.58 


18.39 


28 


.93 


10.74 


1.61 


18.65 


29 


.94 


10.90 


1.63 


18.94 


30 


.95 


11.07 


1.66 


19.23 


31 


.96 


11.24 


1.67 


19.53 


32 


.98 


11.43 


1.70 


19.85 


33 


1.00 


11.63 


1.74 


20.20 


34 


1.02 


11.83 


1.76 


20.54 


35 


1.04 


12.05 


1.80 


20.93 


36 


1.05 


12.28 


1.83 


21.32 


37 


1.08 


12.52 


1.87 


21.74 


38 


1.10 


12.78 


1.91 


22.20 


39 


1.13 


13.05 


1.95 


22.67 


40 


1.14 


13.34 


1.99 


23.17 


41 


1.18 


13.74 


2.05 


23.87 


42 


1.21 


14.08 


2.10 


24.45 


43 


1.24 


14.43 


2.16 


25.06 


44 


1.27 


14.79 


2.21 


25.69 


45 


1.81 


15.18 


2.27 


26.37 


46 


1.34 


15.61 


2.33 


27.11 


47 


1.38 


16.06 


2.39 


27.89 


48 


1.42 


16.53 


2.47 


28.72 


49 


1.47 


17.05 


2.55 


29.61 


50 


1.51 


17.59 


2.63 


30.55 


51 


1.56 


18.15 


2.71 


31.54 


52 


1.61 


18.77 


2.80 


32.60 


53 


1.67 


19.41 


2.89 


33.72 


54 


1.73 


20.10 


3.01 


84.91 


55 


1.78 


20.82 


3.10 


36.16 


56 


1.85 


21.57 


3.22 


37.48 


57 


1.92 


22.37 


3.38 


38.86 


58 


1.99 


23.22 


3.46 


40.33 


59 


2.07 


24.10 


3.60 


41.87 



[61] 



Term Insurance Expiring at Age 61 




Reduced Premiums 


Reduced Premiums 


AGE 


per $1000 of Insurance 


per $10 Monthly Income 


Nearest 
Birthday 


payable in one sum 


payable for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$.86 


$9.94 


$1.49 


$17.26 


22 


.86 


10.07 


1.50 


17.50 


23 


.87 


10.19 


1.51 


17.69 


24 


.89 


10.33 


1.55 


17.95 


25 


.90 


10.47 


1.57 


18.18 


26 


.91 


10.61 


1.58 


18.43 


27 


.93 


10.76 


1.61 


18.69 


28 


.94 


10.93 


1.63 


18.98 


29 


.95 


11.10 


1.66 


19.28 


30 


.97 


11.28 


1.69 


19.58 


31 


.98 


11.46 


1.70 


19.90 


32 


1.00 


11.66 


1.74 


20.24 


33 


1.02 


11.87 


1.76 


20.62 


34 


1.04 


12.08 


1.80 


20.98 


35 


1.06 


12.31 


1.85 


21.38 


36 


1.08 


12.56 


1.87 


21.81 


37 


1.10 


12.82 


1.91 


22.26 


38 


1.13 


13.19 


1.97 


22.91 


39 


1.16 


13.48 


2.02 


23.42 


40 


1.19 


13.79 


2.06 


23.95 


41 


1.22 


14.10 


2.11 


24.50 


42 


1.24 


14.45 


2.16 


25.11 


43 


1.27 


14.81 


2.21 


25.73 


44 


1.31 


15.21 


2.27 


26.42 


45 


1.34 


15.63 


2.33 


27.15 


46 


1.88 


16.07 


2.39 


27.91 


47 


1.42 


16.54 


2.47 


28.74 


48 


1.47 


17.05 


2.55 


29.61 


49 


1-51 


17.59 


2.63 


30.55 


60 


1.56 


18.15 


2.71 


31.54 


51 


1.61 


18.77 


2.80 


32.60 


52 


1.67 


19.40 


2.89 


33.71 


53 


1.72 


20.09 


2.99 


34.89 


54 


1.78 


20.81 


3.10 


36.14 


55 


1.85 


21.56 


3.20 


37.46 


56 


1.92 


22.37 


3.33 


38.84 


57 


1.99 


23.20 


3.46 


40.30 


58 


2.07 


24.09 


3.60 


41.85 


59 


2.14 


25.03 


3.72 


43.48 


60 


2.23 


26.01 


3.88 


45.18 



{m 



Term Insurance Expiring at Age 62 




Reduced Premiums 


Reduced Premiums 


AGE 


per $1000 of Insurance 


per $10 Monthly Income 


Nearest 
Birthday 


payable in one sum 


payable for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$.86 


$10.09 


$1.50 


$17.52 


22 


.88 


10.22 


1.53 


17.74 


23 


.89 


10.35 


1.55 


17.98 


24 


.90 


10.49 


1.57 


18.22 


25 


.92 


10.64 


1.59 


18.48 


26 


.93 


10.79 


1.61 


18.75 


27 


.95 


10.96 


1.64 


19.04 


28 


.95 


11.12 


1.66 


19.32 


29 


.97 


11.30 


1.69 


19.64 


30 


.99 


11.48 


1.72 


19.94 


31 


1.01 


11.69 


1.76 


20.30 


32 


1.03 


11.90 


1.78 


20.66 


33 


1.04 


12.11 


1.81 


21.04 


34 


1.06 


12.35 


1.85 


21.45 


35 


1.08 


12.59 


1.87 


21.87 


86 


1.12 


12.96 


1.94 


22.51 


37 


1.13 


13.23 


1.97 


22.98 


38 


1.16 


13.52 


2.02 


23.48 


39 


1.19 


18.82 


2.06 


24.01 


40 


1.22 


14.15 


2.11 


24.58 


41 


1.24 


14.49 


2.16 


25.17 


42 


1.28 


14.85 


2.22 


25.79 


43 


1.31 


15.24 


2.27 


26.47 


44 


1.34 


16.64 


2.33 


27.17 


45 


1.38 


16.08 


2.39 


27.94 


46 


1.42 


16.56 


2.47 


28.76 


47 


1.47 


17.06 


2.55 


29.63 


48 


1.51 


17.59 


2.63 


30.55 


49 


1.56 


18.15 


2.71 


31.54 


50 


1.61 


18.76 


2.80 


32.58 


51 


1.67 


19.40 


2.89 


38.69 


52 


1.72 


20.08 


2.99 


34.88 


53 


1.78 


20.79 


3.10 


36.11 


54 


1.85 


21.56 


3.20 


37.42 


55 


1.92 


22.35 


3.33 


38.82 


56 


1.99 


23.18 


3.46 


40.28 


67 


2.06 


24.08 


3.58 


41.81 


58 


2.14 


25.00 


3.72 


43.43 


59 


2.23 


25.99 


3.88 


45.14 


60 


2.32 


27.04 


4.03 


46.96 



63 



Term Insurance Expiring at Age 63 


AGE 

Nearest 
Birthday 


Reduced Premiums 


Reduced Premiums 


per $1000 of Insurance 


per $10 Monthly Income 


payable in one sum 


payable for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$ .88 


$10.24 


$1.53 


$17.79 


22 


.89 


10.37 


1.56 


18.01 


23 


.91 


10.52 


1.58 


18.28 


24 


.92 


10.66 


1.59 


18.51 


25 


.93 


10.82 


1.61 


18.79 


26 


.95 


10.98 


1.64 


19.07 


27 


.96 


11.15 


1.67 


19.37 


28 


.97 


11.33 


1.69 


19.68 


29 


.99 


11.52 


1.72 


20.01 


80 


1.01 


11.72 


1.76 


20.36 


81 


1.03 


11.93 


1.78 


20.72 


82 


1.04 


12.15 


1.81 


21.11 


88 


1.06 


12.38 


1.85 


21.49 


84 


1.10 


12.74 


1.91 


22.12 


85 


1.12 


12.99 


1.94 


22.55 


86 


1.14 


13.27 


1.99 


23.04 


37 


1.16 


13.55 


2.02 


23.53 


88 


1.19 


13.86 


2.06 


24.08 


39 


1.22 


14.18 


2.11 


24.62 


40 


1.25 


14.52 


2.17 


25.22 


41 


1.28 


14.88 


2.22 


25.84 


42 


1.31 


15.26 


2.29 


26.51 


43 


1.34 


15.67 


2.33 


27.22 


44 


1.39 


16.11 


2.40 


27.98 


45 


1.42 


16.57 


2.47 


28.78 


46 


1.47 


17.06 


2.55 


29.64 


47 


1.51 


17.59 


2.63 


30.55 


48 


1.56 


18.15 


2.71 


31.54 


49 


1.62 


18.86 


2.82 


32.75 


50 


1.67 


19.49 


2.91 


33.86 


51 


1.73 


20.16 


3.01 


35.02 


52 


1.79 


20.87 


3.11 


36.25 


53 


1.85 


21.63 


3.22 


37.57 


54 


1.93 


22.43 


3.35 


38.96 


55 


2.00 


23.27 


3.47 


40.41 


56 


2.07 


24.16 


3.60 


41.96 


57 


2.15 


25.09 


3.74 


43.59 


58 


2.23 


26.07 


3.88 


45.29 


59 


2.32 


27.12 


4.03 


47.11 


60 


2.42 


28.21 


4.20 


49.00 



[64] 



Term Insurance Expiring at Age 64 




Reduced Premiums 


Reduced Premiums 


AGE 


per $1000 of Insurance 


per $10 Monthly Income 


Nearest 
Birthday 


payable in one sum 


payable for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$ .89 


$10.39 


$1.55 


$18.04 


22 


.91 


10.54 


1.58 


18.31 


23 


.92 


10.69 


1.59 


18.58 


24 


.94 


10.84 


1.68 


18.82 


25 


.95 


11.01 


1.64 


19.12 


26 


.96 


11.18 


1.67 


19.41 


27 


.97 


11.36 


1.69 


19.73 


28 


.99 


11.65 


1.72 


20.06 


29 


1.01 


11.76 


1.76 


20.40 


30 


1.03 


11.96 


1.78 


20.77 


81 


1.04 


12.18 


1.81 


21.15 


32 


1.06 


12.41 


1.85 


21.56 


33 


1.10 


12.76 


1.91 


22.17 


34 


1.12 


18.01 


1.94 


22.61 


85 


1.14 


13.29 


1.99 


23.09 


36 


1.17 


13.57 


2.03 


23.67 


37 


1.20 


13.89 


2.08 


24.12 


88 


1.22 


14.20 


2.12 


24.67 


39 


1.25 


14.64 


2.17 


25.26 


40 


1.28 


14.90 


2.22 


25.88 


41 


1.31 


15.28 


2.29 


26.54 


42 


1.35 


15.70 


2.85 


27.26 


43 


1.39 


16.13 


2.40 


28.02 


44 


1.42 


16.69 


2.47 


28.81 


46 


1.48 


17.17 


2.67 


29.83 


46 


1.52 


17.69 


2.66 


30.74 


47 


1.67 


18.26 


2.72 


31.71 


48 


1.62 


18.85 


2.82 


32.73 


49 


1.67 


19.48 


2.91 


33.83 


50 


1.73 


20.14 


3.01 


34.98 


61 


1.79 


20.84 


3.11 


36.21 


52 


1.86 


21.59 


3.22 


87.60 


63 


1.92 


22.39 


3.33 


38.90 


54 


1.99 


23.22 


3.46 


40.33 


56 


2.07 


24.11 


3.60 


41.88 


66 


2.16 


26.06 


3.74 


43.62 


67 


2.28 


26.04 


3.88 


46.28 


58 


2.32 


27.07 


4.03 


47.03 


69 


2.41 


28.16 


4.19 


48.92 


60 


2.61 


29.82 


4.87 


60.98 



[65 



Term Insurance Expiring at Age 65 


AGE 
Nearest 
Birthday 


Reduced Premiums 

per $1000 of Insurance 

payable in one sum 


Reduced Premiums 
per $10 Monthly Income 
payable for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$ .91 


$10.55 


$1.58 


$18.32 


22 


.92 


10.71 


1.59 


18.60 


23 


.94 


10.85 


1.63 


18.86 


24 


.95 


11.03 


1.64 


19.15 


25 


.96 


11.20 


1.67 


19.45 


26 


.98 


11.38 


1.70 


19.76 


27 


.99 


11.57 


1.72 


20.09 


28 


1.01 


11.77 


1.76 


20.45 


29 


1.03 


11.98 


1.78 


20.81 


30 


1.04 


12.20 


1.81 


21.19 


31 


1.07 


12.44 


1.86 


21.61 


32 


1.10 


12.79 


1.91 


22.21 


33 


1.13 


13.05 


1.95 


22.67 


34 


1.14 


13.32 


1.99 


23.14 


35 


1.17 


13.61 


2.03 


23.63 


36 


1.20 


13.91 


2.08 


24.16 


37 


1.22 


14.23 


2.12 


24.71 


38 


1.25 


14.56 


2.17 


25.29 


39 


1.28 


14.92 


2.22 


25.92 


40 


1.31 


15.31 


2.29 


26.60 


41 


1.35 


15.71 


2.35 


27.28 


42 


1.39 


16.14 


2.40 


28.03 


43 


1.42 


16.59 


2.47 


28.81 


44 


1.48 


17.18 


2.57 


29.84 


45 


1.52 


17.69 


2.65 


30.74 


46 


1.57 


18.24 


2.72 


31.69 


47 


1.62 


18.84 


2.82 


32.72 


48 


1.67 


19.46 


2.89 


33.80 


49 


1.73 


20.12 


3.01 


34.94 


50 


1.78 


20.82 


3.10 


36.16 


51 


1.85 


. 21.56 


3.20 


37.44 


52 


1.93 ' 


22.46 


3.35 


39.01 


53 


2.00 


23.29 


3.47 


40.46 


54 


2.07 


24.17 


3.60 


41.99 


55 


2.15 


25.10 


3.74 


43.60 


56 


2.23 


26.08 


3.88 


45.31 


57 


2.32 


27.13 


4.03 


47.12 


58 


2.42 


28.22 


4.20 


49.01 


59 


2.52 


29.38 


4.37 


51.03 


60 


2.62 


30.58 


4.55 


53.12 



[66 



Term Insurance Expiring at Age 66 


AGE 

Nearest 
Birthday 


Reduced Premiums 


Reduced Premiums 


per $1000 of Insurance 


per $10 Monthly Income 


payable ir 


l one sum 


paya ble for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$ .92 


$ 10.72 


$ 1.59 


$ 18.62 


22 


.94 


10.88 


1.63 


18.90 


23 


.95 


11.05 


1.66 


19.20 


24 


.96 


11.21 


1.6? 


19.48 


25 


.98 


11.39 


1.70 


19.79 


26 


1.00 


11.59 


1.74 


20.13 


27 


1.02 


11.79 


1.76 


20.48 


28 


1.04 


12.00 


1.80 


20.84 


29 


1.05 


12.23 


1.83 


21.25 


30 


1.07 


12.46 


1.86 


21.64 


31 


1.10 


12.82 


1.91 


22.26 


32 


1.13 


13.07 


1.95 


22.70 


33 


1.14 


13.34 


1.99 


23.17 


34 


1.17 


13.63 


2.03 


23.67 


35 


1.20 


13.92 


2.08 


24.18 


36 


1.22 


14.25 


2.12 


24.75 


37 


1.25 


14.59 


2.17 


25.34 


38 


1.29 


14.95 


2.23 


25.97 


39 


1.31 


15.32 


2.29 


26.60 


40 


1.35 


15.72 


2.35 


27.32 


41 


1.39 


16.15 


2.40 


28.04 


42 


1.42 


16.60 


2.47 


28.83 


43 


1.48 


17.18 


2.57 


29.84 


44 


1.52 


17.69 


2.65 


30.74 


45 


1.57 


18.23 


2.72 


31.67 


46 


1.61 


18.81 


2.80 


32.67 


47 


1.67 


19.42 


2.89 


33.73 


48 


1.72 


20.07 


2.99 


34.87 


49 


1.78 


20.77 


3.10 


36.08 


50 


1.85 


21.62 


3.22 


37.55 


51 


1.92 


22.40 


3.33 


38.91 


52 


1.99 


23.23 


3.46 


40.35 


53 


2.07 


24.10 


3.60 


41.87 


54 


2.14 


25.03 


3.72 


43.48 


55 


2.24 


26.12 


3.90 


45.37 


66 


2.33 


27.16 


4.05 


47.18 


57 


2.42 


28.25 


4.20 


49.07 


58 


2.52 


29.40 


4.37 


51.08 


59 


2.63 


30.62 


4.56 


53.18 


60 


2.74 


31.90 


4.75 


55.40 



[67 



Term Insurance Expiring at Age 67 




Reduced Premiums 


Reduced Premiums 


AGE 


per $1000 of Insurance 


per $10 Monthly Income 


Nearest 
Birthday 


payable in one sum 


payable for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$ .94 


$ 10.89 


$ 1.63 


$ 18.92 


22 


.95 


11.06 


1.66 


19.22 


23 


.96 


11.23 


1.67 


19.51 


24 


.98 


11.42 


1.70 


19.84 


25 


1.00 


11.61 


1.74 


20.17 


26 


1.02 


11.80 


1.76 


20.49 


27 


1.04 


12.02 


1.80 


20.87 


28 


1.05 


12.24 


1.83 


21.26 


29 


1.08 


12.58 


1.87 


21.85 


30 


1.10 


12.83 


1.91 


22.28 


31 


1.13 


13.09 


1.95 


22.73 


32 


1.14 


13.36 


1.99 


23.20 


33 


1.17 


13.64 


2.03 


23.70 


84 


1.20 


13.95 


2.08 


24.23 


35 


1.22 


14.27 


2.12 


24.78 


36 


1.25 


14.60 


2.17 


25.35 


37 


1.29 


14.96 


2.23 


25.98 


38 


1.31 


15.33 


2.29 


26.62 


39 


1.35 


15.72 


2.35 


27.32 


40 


1.39 


16.15 


2.40 


28.04 


41 


1.43 


16.70 


2.48 


29.02 


42 


1.48 


17.17 


2.57 


29.83 


43 


1.52 


17.69 


2.65 


30.72 


44 


1.57 


18.22 


2.72 


31.64 


45 


1.61 


18.78 


2.80 


32.63 


46 


1.67 


19.40 


2.89 


33.69 


47 


1.72 


20.03 


2.99 


34.80 


48 


1.79 


20.84 


3.11 


36.19 


49 


1.85 


21.56 


3.20 


37.46 


50 


1.92 


22.34 


3.33 


38.80 


51 


1.99 


23.17 


3.46 


40.24 


52 


2.06 


24.03 


3.58 


41.74 


53 


2.15 


25.06 


3.74 


48.52 


54 


2.23 


26.03 


3.88 


45.21 


55 


2.32 


27.06 


4.03 


47.01 


56 


2.41 


28.15 


4.19 


48.90 


57 


2.52 


29.41 


4.37 


51.09 


58 


2.63 


30.62 


4.56 


53.18 


59 


2.74 


31.90 


4.76 


55.40 


60 


2.85 


33.25 


4.96 


57.74 



[68] 



Term Insurance Expiring at Age 68 


AGE 
Nearest 
Birthday 


Reduced Premiums 


Reduced Premiums 


per $1000 of Insurance 


per $10 Monthly Income 


payable in one sum 


payable for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$ .95 


$11.07 


$1.66 


$19.23 


22 


.96 


11.24 


1.67 


19.53 


23 


.98 


11.43 


1.70 


19.85 


24 


1.00 


11.62 


1.74 


20.18 


25 


1.02 


11.82 


1.76 


20.53 


26 


1.04 


12.02 


1.80 


20.89 


27 


1.05 


12.25 


1.83 


21.28 


28 


1.08 


12.60 


1.87 


21.89 


29 


1.11 


12.83 


1.93 


22.29 


30 


1.13 


13.10 


1.95 


22.74 


31 


1.15 


13.37 


2.00 


23.21 


32 


1.17 


13.64 


2.03 


23.70 


33 


1.20 


13.96 


2.08 


24.25 


34 


1.22 


14.27 


2.12 


24.78 


35 


1.26 


14.61 


2.17 


25.37 


86 


1.29 


14.96 


2.23 


25.98 


37 


1.31 


15.33 


2.29 


26.62 


38 


1.35 


15.72 


2.35 


27.32 


39 


1.39 


16.15 


2.40 


28.04 


40 


1.43 


16.70 


2.48 


29.00 


41 


1.48 


17.16 


2.57 


29.81 


42 


1.51 


17.67 


2.63 


30.69 


43 


1.57 


18.20 


2.72 


31.61 


44 


1.61 


18.76 


2.80 


32.58 


45 


1.66 


19.35 


2.88 


33.62 


46 


1.72 


20.00 


2.99 


34.74 


47 


1.78 


20.77 


3.10 


36.08 


48 


1.85 


21.49 


3.20 


37.33 


49 


1.91 


22.27 


3.31 


38.67 


50 


1.98 


23.08 


3.44 


40.09 


51 


2.06 


24.05 


3.58 


41.77 


52 


2.14 


24.96 


3.72 


43.35 


53 


2.22 


25.93 


3.86 


45.04 


54 


2.31 


26.95 


4.01 


46.81 


55 


2.41 


28.13 


4.19 


48.87 


56 


2.51 


29.29 


4.37 


50.87 


57 


2.61 


30.50 


4.54 


62.98 


58 


2.74 


31.88 


4.75 


56.37 


59 


2.84 


33.23 


4.94 


67.72 


60 


2.97 


34.65 


5.16 


60.18 



69 



Term Insurance Expiring at Age 69 


AGE 

Nearest 
Birthday 


Reduced Premiums 


Reduced Premiums 


per $1000 of Insurance 


per $10 Monthly Income 


payable in one sum 


payable for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$ .96 


$11.25 


$1.67 


$19.54 


22 


.98 


11.43 


1.70 


19.85 


23 


1.00 


11.62 


1.74 


20.18 


24 


1.02 


11.83 


1.76 


20.54 


25 


1.04 


12.04 


1.80 


20.92 


26 


1.05 


12.26 


1.83 


21.29 


27 


1.08 


12.60 


1.87 


21.89 


28 


1.11 


12.84 


1.93 


22.31 


29 


1.13 


13.10 


1.95 


22.74 


30 


1.15 


13.37 


2.00 


23.21 


31 


1.17 


13.65 


2.03 


23.72 


32 


1.20 


13.96 


2.08 


24.25 


33 


1.22 


14.27 


2.12 


24.78 


34 


1.25 


14.60 


2.17 


25.35 


35 


1.29 


14.95 


2.23 


25.97 


36 


1.81 


15.38 


2.29 


26.62 


37 


1.35 


15.71 


2.35 


27.30 


38 


1.39 


16.13 


2.40 


28.02 


39 


1.43 


16.68 


2.48 


28.97 


40 


1.47 


17.15 


2.55 


29.78 


41 


1.51 


17.63 


2.63 


30.63 


42 


1.56 


18.15 


2.71 


31.54 


43 


1.60 


18.71 


2.78 


32.50 


44 


1.66 


19.31 


2.88 


33.53 


45 


1.71 


19.94 


2.97 


34.62 


46 


1.77 


20.71 


3.08 


35.97 


47 


1.84 


21.42 


3.19 


37.21 


48 


1.90 


22.18 


3.30 


38.52 


49 


1.97 


22.99 


3.42 


39.92 


50 


2.05 


23.94 


3.56 


41.58 


51 


2.13 


24.84 


3.71 


43.15 


52 


2.21 


25.80 


3.84 


44.82 


53 


2.30 


26.82 


3.99 


46.58 


54 


2.40 


28.00 


4.18 


48.64 


55 


2.50 


29.14 


4.35 


50.62 


56 


2.60 


30.34 


4.52 


52.70 


67 


2.72 


31.72 


4.73 


55.09 


58 


2.84 


33.06 


4.92 


57.42 


59 


2.95 


34.48 


5.13 


59.89 


60 


3.08 


35.96 


5.35 


62.47 



[70 



Term Insurance Expiring at Age 70 




Reduced Premiums 


Reduced Premiums 


AGE 
Nearest 
Birthday 


per $1000 of Insurance 


per $10 Monthly Income 


payable ir 


i one sum 


payable for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$ .98 


$11.43 


$1.70 


$19.85 


22 


1.00 


11.62 


1.74 


20.18 


23 


1.02 


11.83 


1.76 


20.54 


24 


1.04 


12.04 


1.80 


20.92 


25 


1.05 


12.26 


1.83 


21.29 


26 


1.08 


12.60 


1.87 


21.89 


27 


1.11 


12.83 


1.93 


22.29 


23 


1.13 


13.10 


1.95 


22.74 


29 


1.15 


13.37 


2.00 


23.21 


30 


1.17 


13.64 


2.03 


23.70 


31 


1.20 


13.95 


2.08 


24.23 


32 


1.22 


14.26 


2.12 


24.76 


33 


1.25 


14.59 


2.17 


25.34 


34 


1.29 


14.94 


2.23 


25.95 


35 


1.31 


15.31 


2.29 


26.60 


36 


1.35 


15.70 


2.35 


27.26 


37 


1.39 


16.11 


2.40 


27.98 


38 


1.43 


16.65 


2.48 


28.92 


39 


1.47 


17.12 


2.55 


29.74 


40 


1.51 


17.60 


2.63 


30.56 


41 


1.56 


18.12 


2.71 


31.47 


42 


1.60 


18.67 


2.78 


32.43 


43 


1.65 


19.24 


2.86 


33.43 


44 


1.70 


19.86 


2.95 


34.51 


45 


1.77 


20.63 


3.08 


35.83 


46 


1.83 


21.33 


3.18 


37.05 


47 


1.89 


22.07 


3.29 


38.33 


48 


1.96 


22.86 


3.41 


39.71 


49 


2.04 


23.82 


3.55 


41.38 


50 


2.12 


24.71 


3.67 


42.93 


51 


2.20 


25.66 


3.82 


44.67 


52 


2.29 


26.66 


3.97 


46.31 


53 


2.39 


27.83 


4.14 


48.34 


54 


2.48 


28.96 


4.31 


50.31 


55 


2.59 


30.26 


4.50 


52.56 


56 


2.70 


31.52 


4.69 


54.75 


57 


2.82 


32.86 


4.90 


57.08 


58 


2.93 


34.26 


6.09 


59.62 


59 


3.07 


35.87 


5.33 


62.30 


60 


3.20 


37.43 


5.56 


65.02 



71 



Decreasing Life Insurance 

This policy has been prepared as a companion 
form to the Teachers Retirement Plan De- 
ferred Annuity Policy. It is intended to 
furnish, at a monthly premium of approxi- 
mately ten dollars, an amount of insurance 
which will supplement the protection given 
by the deferred annuity policy at a similar 
monthly premium. 

It is designed to furnish the maximum 
amount of insurance during the earlier years 
of life, when, if death occurs, the teacher's 
family will be most helpless, and when the 
amount realized under the annuity policy 
will be small. 

The policy is issued only at ages twenty-one 
to forty. It provides that the amount of 
insurance payable, if death occur before the 
end of the insured's fortieth year, will be 
ten thousand dollars. 

At the beginning of the insured's forty- 
first year, and of every year thereafter for 
thirty years, the amount of insurance will be 
reduced by three hundred dollars. Thirty 
successive annual reductions of three hundred 
dollars bring the amount of insurance to one 
thousand dollars at age seventy, at which 
amount it remains throughout life. 

Equal Monthly (or Annual) premiums are 
[72] 




payable until the insured reaches age sixty- 
five at which time the policy becomes paid-up 
and no further premiums are required. 

The table below shows the protection 
furnished year by year by the combination 
of a deferred annuity policy on which monthly 
premiums of $10 are paid, with a decreasing 
insurance policy, costing $8.58 a month ad- 
ditional, for a man age thirty at entry. 



Illustration of Combined Result 


Deferred Annuity Policy, Teachers Retirement Plan 
Reduced Monthly Premium $10.00 


Decreasing Life Insurance Policy 
Reduced Monthly Premium $8.58 


Issued at Age 30 


AGE 

Attained 

at Beginning 

of Year 


Insurance 
During Year 
Decreasing 

Insurance 
Policy 


Value of 

Accumulated 

Premiums 

Deferred 

Annuity* 


Total 

Insurance 

Value* 


80 
35 
40 
45 
50 


$10,000 

10,000 

10,000 

8,500 

7,000 


$ 60 
740 
1,560 
2,560 
8,780 


$10,060 
10,740 
11,560 
11,060 
10,780 


65 
60 
65 
70 
76 


5,600 
4,000 
2,500 
1,000 
1,000 


6,270 

7,070 

**8 ,600 

**4,370 

** 140 


10,770 

11,070 

11,100 

6,370 

1,140 


76 


1,000 




1,000 


•Approximate Average for Year. 

"If at Age 65, Option IV of the Annuity Policy, providing 
Monthly Annuity of $70.54 for life, but for 128 months in any 
event, be selected. 



Illustrations atotherages will befurnished upon request. 

[73] 



Decreasing 
Life Insurance Policy 

The initial amount of insurance will be 
$10,000. The amount of insurance will be 
reduced by thirty equal annual decrements of 
$300 each, beginning at age forty-one, to 
$1,000 at age seventy, after which no further 
reduction will be made. 

Policy fully paid-up at age sixty-five. 

Disability Benefit. 

Loan, Cash Surrender, and Non-forfeiture 
Provision. 

Decreasing Life Insurance policies will not 
be issued on the Monthly Income or Con- 
tinuous Monthly Income plan. 

Table of Reduced Monthly and Annual 
Premiums payable if the insured is employed 
by a College, University, or institution en- 
gaged primarily in educational or research 
work. 

This policy will also be issued in the initial amounts 
of $5,000 and $7,500 with the premiums and decre- 
ments in proportion to those on the $10,000 policy. 



[74 



Decreasing Life Insurance Policies 


Initial Amount of Insurance, $10,000 


Premiums ceasing at Age 65 


Insurance payable in one sum 


AGE 


Reduced 


Reduced 


Nearest 


Monthly 


Annual 


Birthday 


Premium 


Premium 


21 


$7-86 


$91.77 


22 


7.93 


92.60 


23 


8.00 


93.45 


24 


8.07 


94.35 


25 


8.15 


95.25 


26 


8.24 


96.18 


27 


8.32 


97.15 


28 


8.41 


98.15 


29 


8.49 


99.18 


30 


8.58 


100.23 


31 


8.68 


101.81 


32 


8.77 


102.44 


33 


8.87 


108.58 


84 


8.96 


104.74 


35 


9.07 


105.94 


86 


9.17 


107.15 


37 


9.28 


108.39 


38 


9.39 


109.63 


39 


9.50 


110.87 


40 


9.59 


112.10 



For ages above forty a combination of a limited pay- 
ment life and term policies will accomplish a similar 
result. 



75] 



Life Policies 

Premiums Payable during Life ; or 

Premiums Payable for Twenty Years ; or 

Premiums Ceasing at Age 65. 

Insurance Payable at Death. 

Disability Benefit. 

Loan, Cash Surrender, and Non-forfeiture 
Provisions. 

Table of Reduced Monthly and Annual 
Premiums payable if the insured is employed 
by a College, University, or institution en- 
gaged primarily in educational or research 
work. 



[76] 



Whole Life Policies 




Reduced Premiums 


Reduced Premiums 


AGE 


per $1000 of Insurance 


per $10 Monthly Income 


Nearest 
Birthday 


payable in 


one sum 


payable for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$1.20 


$13.91 


$2.08 


$24.16 


22 


1.22 


14.21 


2.12 


24.69 


23 


1.26 


14.56 


2.17 


25.28 


24 


1.28 


14.90 


2.22 


25.88 


25 


1.81 


16.26 


2.29 


26.50 


26 


1.84 


15.65 


2.33 


27.19 


27 


1.88 


16.06 


2.39 


27.89 


28 


1.41 


16.48 


2.46 


28.62 


29 


1.45 


16.93 


2.52 


29.40 


80 


1.49 


17.40 


2.59 


30.22 


81 


1.54 


17.90 


2.67 


31.10 


82 


1.58 


18.42 


2.75 


32.00 


88 


1.68 


18.97 


2.83 


32.96 


84 


1.67 


19.55 


2.91 


33.96 


85 


1.78 


20.19 


3.01 


36.06 


86 


1.79 


20.84 


3.11 


36.21 


87 


1.85 


21.54 


3.20 


37.41 


88 


1.91 


22.28 


3.31 


38.69 


89 


1.98 


23.06 


3.44 


40.05 


40 


2.04 


23.88 


3.55 


41.47 


41 


2.12 


24.78 


3.69 


43.04 


42 


2.21 


25.70 


3.83 


44.63 


48 


2.29 


26.69 


3.97 


46.37 


44 


2.88 


27.77 


4.13 


48.23 


45 


2.48 


28.88 


4.30 


50.17 


46 


2.67 


30.08 


4.47 


52.26 


47 


2.69 


81.37 


4.67 


54.48 


48 


2.81 


32.72 


4.88 


56.84 


49 


2.93 


34.18 


5.09 


69.37 


60 


3.06 


35.76 


5.32 


62.09 


51 


3.20 


87.40 


5.56 


64.97 


52 


3.36 


39.16 


5.83 


68.00 


53 


3.52 


41.03 


6.11 


71.27 


54 


3.69 


43.04 


6.41 


74.76 


55 


3.87 


45.17 


6.72 


78.46 


56 


4.06 


47.44 


7.05 


82.40 


67 


4.27 


49.86 


7.41 


86.61 


58 


4.49 


52.44 


7.80 


91.09 


69 


4.73 


65.17 


8.21 


96.83 


60 


4.97 


58.06 


8.63 


100.85 



[77] 



Limited Payment Life Policies 




Fully paid-up at the end of 20 years 




Reduced Premiums 


Reduced Premiums 


AGE 


per $1000 of Insurance 


per $10 Monthly Income 


Nearest 


payable in one sum 


payable for 240 Months 


Birthday 








Monthly 


Annual 


Monthly 


Annual 


21 


$1.82 


$21.17 


$3.16 


$36.77 


22 


1.85 


21.51 


3.20 


37.36 


23 


1.87 


21.87 


3.25 


37.99 


24 


1.91 


22.25 


3.31 


38.65 


25 


1.94 


22.64 


3.38 


39.82 


26 


1.98 


23.04 


3.44 


40.02 


27 


2.01 


23.45 


3.48 


40.74 


28 


2.05 


23.90 


3.56 


41.51 


29 


2.09 


24.35 


3.63 


42.29 


80 


2.12 


24.82 


3.69 


43.12 


81 


2.17 


25.34 


3.77 


44.01 


82 


2.21 


25.86 


3.84 


44.91 


83 


2.26 


26.40 


3.92 


45.86 


34 


2.31 


26.96 


4.01 


46.84 


35 


2.37 


27.57 


4.11 


47.88 


36 


2.41 


28.19 


4.19 


48.96 


37 


2.48 


28.84 


4.30 


50.09 


38 


2.53 


29.52 


4.39 


51.27 


39 


2.59 


30.24 


4.50 


52.52 


40 


2.66 


31.02 


4.61 


58.88 


41 


2.73 


31.81 


4.73 


55.25 


42 


2.80 


32.66 


4.86 


56.74 


43 


2.88 


33.57 


5.00 


58.31 


44 


2.96 


34.52 


5.14 


59.97 


45 


3.04 


35.54 


5.28 


61.73 


46 


3.14 


36.61 


5.45 


63.59 


47 


3.24 


37.76 


5.63 


65.59 


48 


3.34 


38.98 


5.80 


67.71 


49 


3.45 


40.26 


5.99 


69.93 


50 


3.56 


41.63 


6.19 


72.31 


61 


3.69 


43.07 


6.41 


74.81 


52 


3.83 


44.61 


6.64 


77.49 


53 


3.96 


46.24 


6.88 


80.33 


54 


4.11 


47.99 


7.15 


83.36 


55 


4.27 


49.84 


7.41 


86.58 


56 


4.44 


51.83 


7.70 


90.03 


57 


4.62 


53.95 


8.02 


93.71 


58 


4.82 


56.20 


8.36 


97.61 


59 


5.02 


58.60 


8.72 


101.79 


60 


5.24 


61.16 


9.10 


106.25 



78] 



Limited Payment Life Policies 




Fully paid-up at 


Age 65 






Reduced Premiums 


Reduced Premiums 


AGE 


per $1000 of Insurance 


per $10 Monthly Income 


Nearest 
Birthday 


payable in one sum 


payable for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$1.26 


$14.68 


$2.19 


$26.42 


22 


1.29 


14.99 


2.23 


26.05 


28 


1.82 


16.41 


2.30 


26.77 


24 


1.86 


15.81 


2.36 


27.47 


25 


1.40 


16.25 


2.42 


28.23 


26 


1.48 


16.71 


2.48 


29.03 


27 


1.48 


17.22 


2.67 


29.91 


28 


1.52 


17.73 


2.66 


30.80 


29 


1.67 


18.30 


2.72 


81.78 


80 


1.62 


18.88 


2.82 


32.80 


81 


1.67 


19.52 


2.91 


38.91 


82 


1.78 


20.19 


3.01 


85.06 


38 


1.79 


20.91 


8.11 


86.32 


84 


1.86 


21.68 


3.24 


87.66 


85 


1.94 


22.52 


3.86 


89.11 


86 


2.01 


23.39 


3.48 


40.63 


87 


2.09 


24.36 


3.63 


42.32 


88 


2.18 


25.38 


3.78 


44.08 


89 


2.27 


26.49 


8.94 


46.01 


40 


2.88 


27.69 


4.13 


48.11 


41 


2.48 


28.99 


4.31 


60.86 


42 


2.61 


30.43 


4.54 


62.86 


48 


2.74 


31.97 


4.75 


55.63 


44 


2.88 


33.66 


6.00 


58.46 


45 


8.04 


36.54 


5.28 


61.73 


46 


8.22 


37.60 


6.60 


65.81 


47 


8.42 


39.87 


5.94 


69.26 


48 


8.64 


42.43 


6.32 


73.69 


49 


8.88 


45.27 


6.74 


78.63 


50 


4.16 


48.48 


7.21 


84.21 


51 


4.46 


62.11 


7.76 


90.61 


52 


4.82 


66.28 


8.38 


97.75 


58 


5.28 


61.09 


9.08 


106.12 


64 


6.72 


66.72 


9.93 


115.88 


55 


6.28 


73.39 


10.91 


127.47 


66 


6.98 


81.45 


12.11 


141.48 


67 


7.82 


91.40 


13.58 


158.77 


58 


8.91 


104.04 


15.48 


180.72 


59 


10.88 


120.67 


17.95 


209.61 


60 


12.29 


143.67 


21.86 


249.56 



[79 



Endowment Insurance Policies 

Maturing at Age Sixty-five* 

Insurance Payable at Age Sixty-five, or at 
Prior Death. 

Premiums Payable Until Maturity. 

Disability Benefit. 

Loan, Cash Surrender, and Non-forfeiture 
Provisions. 

Table of Reduced Monthly and Annual 
Premiums payable if the insured is employed 
by a College, University, or institution en- 
gaged primarily in educational or research 
work. 



♦Endowment Insurance Policies maturing at the end 
of 10, 15 and 20 years are also issued. Rates will 
be furnished upon request. 



[80] 



Endowment Insurance Policies 




Maturing at Age 65 




Reduced Premiums 


Reduced Premiums 


AGE 


per $1000 of Insurance 


per $10 Monthly Income 


Nearest 

Birthday 


payable in one sum 


payable for 240 Months 


Monthly 


Annual 


Monthly 


Annual 


21 


$1.41 


$16.50 


$2.46 


$28.66 


22 


1.46 


16.97 


2.63 


29.47 


23 


1.50 


17.47 


2.61 


30.35 


24 


1.55 


17.99 


2.69 


31.25 


25 


1.59 


18.54 


2.76 


32.20 


26 


1.64 


19.14 


2.84 


33.26 


27 


1.70 


19.78 


2.95 


34.36 


28 


1.76 


20.44 


3.05 


35.51 


29 


1.82 


21.15 


3.16 


36.74 


80 


1.88 


21.91 


3.27 


38.05 


81 


1.94 


22.72 


8.88 


39.46 


32 


2.03 


23.60 


3.52 


40.99 


33 


2.11 


24.52 


3.65 


42.59 


34 


2.19 


25.52 


3.80 


44.32 


35 


2.28 


26.59 


3.96 


46.18 


36 


2.38 


27.73 


4.13 


48.17 


37 


2.48 


28.96 


4.31 


50.31 


38 


2.60 


30.30 


4.52 


62.63 


39 


2.72 


31.76 


4.73 


56.15 


40 


2.85 


33.82 


4.96 


67.87 


41 


8.01 


35.04 


6.22 


60.86 


42 


3.16 


36.90 


5.49 


64.10 


43 


3.34 


38.93 


5.80 


67.63 


44 


3.53 


41.18 


6.13 


71.64 


45 


3.74 


43.66 


6.51 


75.83 


46 


3.98 


46.40 


6.91 


80.59 


47 


4.23 


49.44 


7.34 


85.87 


48 


4.53 


52.86 


7.87 


91.81 


49 


4.85 


56.68 


8.42 


98.46 


50 


5.23 


61.02 


9.08 


105.99 


51 


5.65 


65.96 


9.82 


114.67 


52 


6.14 


71.64 


10.67 


124.44 


53 


6.70 


78.24 


11.63 


135.90 


54 


7.36 


86.00 


12.79 


149.39 


55 


8.15 


95.28 


14.17 


165.61 


56 


9.12 


106.64 


16.84 


185.07 


57 


10.31 


120.54 


17.92 


209.38 


58 


11.84 


138.39 


20.57 


240.39 


59 


13.87 


162.05 


24.09 


281.48 


60 


16.69 


194.92 


28.98 


338.68 



[81] 



Comparative Data on 
Life Insurance Policies Issued 

Of the life insurance policies which have 
been issued up to the date of this edition of 
the handbook, the following are the per- 
centages of total issue on the various plans 
according to amount of insurance and number 
of policies: 



Plan of Insurance 


Basis of 
Amount Issued 


Basis of 
Number Issued 




43% 

26% 

11% 

11% 

6% 

3% 

100% 


59% 

11% 

10% 

11% ; 
7% | 
2% 1 
100% 


Decreasing Life 


Limited Payment Life . . . 
Endowment 


Whole Life 


Survivorship Annuity — 



The predominance of Term and Decreasing 
Life Insurance* substantiates the theory that 
Term Insurance policies coordinating with 
Deferred Annuities furnish protection best 
suited to the average teacher's needs. 

The average amount of insurance per 
policyholder issued by the Association was 
$6,864. This added to previous insurance 
makes the average protection per policy- 
holder $14,260. 

*A combination of Term and Limited Payment Life 
Insurance. 

[82] 



At Four Per Cent Interest 


Compounded annually 




TABLE I 


TABLE II 


Period 


Amount of $1.00 


Amount of $10.00 


Years 


at end 


per month, 




of period 


at end of period 


1 


$1.04 


$122.58 


2 


1.08 


250.07 


3 


1.12 


382.66 


4 


1.17 


520.55 


5 


1.22 


663.95 


6 


1.27 


813.10 


7 


1.32 


968.20 


8 


1.37 


1,129.61 


9 


1.42 


1,297.28 


10 


1.48 


1,471.75 


11 


1.54 


1,653.21 


12 


1.60 


1,841.92 


13 


1.67 


2,038.17 


14 


1.73 


2,242.29 


15 


1.80 


2,454.57 


16 


1.87 


2,675.33 


17 


1.95 


2,904.93 


18 


2.03 


3,143.71 


19 


2.11 


3,392.04 


20 


2.19 


3,650.31 


21 


2.28 


3,918.90 


22 


2.87 


4,198.24 


23 


2.46 


4,488.75 


24 


2.56 


4,790.89 


25 


2.67 


5,105.10 



Table I. The amount of one dollar, paid in 
advance, at the end of the period shown. 

Table II. The accumulated amount of pay- 
ments of ten dollars each month, at the end 
of the period shown. 

[83] 



At Four Per Cent Interest (Continued) 


Compounded annually 




TABLE I 


TABLE II 


Period 


Amount of $1.00 


Amount of $10.00 


Years 


at end 


per month, 




of period 


at end of period 


26 


$2.77 


$5,431.89 


27 


2.88 


5,771.75 


28 


3.00 


6,125.21 


29 


3.12 


6,492.80 


30 


3.24 


6,875.09 


31 


3.37 


7,272.68 


32 


3.51 


7,686.18 


33 


3.65 


8,116.20 


34 


3.79 


8,563.43 


35 


3.95 


9,028.55 


36 


4.10 


9,512.28 


37 


4.27 


10,015.35 


38 


4.44 


10,538.55 


39 


4.62 


11,082.67 


40 


4.80 


11,648.57 


41 


4.99 


12,237.09 


42 


5.19 


12,849.16 


43 


5.40 


13,485.72 


44 


5.62 


14,147.73 


45 


5.84 


14,836.22 


46 


6.07 


15,552.25 


47 


6.32 


16,296.93 


48 


6.57 


17,071.38 


49 


6.83 


17,876.82 


50 


7.11 


18,714.48 



[84] 



y 






